The following information relates to two companies, Black Co and White Co. Black CoWhite CoEarnings after tax$235,000$960,000P/E ra P/E ratio1823White Co’s management estimate that if they were to acquire Black Co they could save $100,000 annually after tax on administrative costs in running the new joint company. Additionally, they estimate that the P/E ratio of the new company would be 20.On the basis of these estimates, what is the maximum that the shareholders of White Co should pay for the entire share capital of Black Co?