              MERGER ANALYSIS                                                   
                                                                                
ONE OF THE MAJOR TOPICS DISCUSSED IN MERGER AND ACQUISITION                     
ANALYSIS IS WHAT THE WORTH OF THE POTENTIAL ACQUISITION IS.                     
THIS PROGRAM DOES A VALUATION CALCULATION FOR A LEVERED FIRM.                   
THERE ARE SEVERAL INPUTS. OUTPUT IS THE VALUE OF THE FIRM.                      
                                                                                
PRESS ENTER TO BEGIN?                                                           
PRESENT TOTAL VALUE OF FIRM'S STOCK? 23456                                      
EARNINGS BEFORE INTEREST AND TAXES ? 13                                         
INCOME TAX RATE(%)                 ? 38                                         
MARKET VALUE OF FIRM'S DEBT        ? 11998                                      
HOW MUCH DEBT CAN FIRM HANDLE? 987654                                           
WHAT WILL FUTURE TAX RATE BE? 11                                                
ENTER FUTURE EARNINGS BEFORE INTEREST & TAXES? 765432                           
                                                                                
VALUE OF THE FIRM FOR ACQUISITION = $2611346330                                 
                                                                                
PRESS ENTER FOR MORE COMPUTATION? -1                                            
