DEF stockholders are paid the current market value of their firm in the form of ABC stock. Both firms are 100% equity-financed. The total earnings of the combined firm are $77,000. 
What is the price/earnings ratio after the merger?
Definitions:
Conviction Stage
A phase in the buying process where potential customers develop a firm belief in the value and benefits of a product, making them more likely to purchase.
Sales Presentation
A formal pitch or demonstration given to potential buyers with the aim of securing a sale.
Trial Close
A technique used in sales to ask a prospective customer a question that assumes the sale is going to be made, in order to gauge their readiness to purchase.
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