You are estimating the value of a private firm using the market approach. You have collected information about five comparable firms and determined their price-to-earnings ratios (P/E) are 10.5, 7.2, 12.5, 8.3, and 15.1. The net income of the private firm that you are valuing is \($1\) million. 

Required 

Estimate the value of the private firm's equity using the median P/E multiple of the five comparable firms. Next, estimate the value using the mean P/E multiple.