How would your answer to (4) change if you were valuing Tectonics Software for sale to a private individual? The individual in question has a portfolio that is not diversified and has a correlation of 0.60 with the market index. In addition, use the following bid-ask spread equation to estimate the illiquidity discount:

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Bid-ask spread = 0.14 0.015 In(Revenues) Estimate the value of equity in the private transaction.