Firm Delta is being acquired by Firm Gamma. Both firms are currently 100% equity-financed. The expected value of synergy of this acquisition is $1,600. Delta has 1,200 shares of stock outstanding at a price of $22 a share. Gamma has 3,100 shares of stock outstanding at a price of $50 a share.

What is the net present value (NPV) of this acquisition for Gamma, given that the actual cost of the acquisition using stock is $27,575?