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2. An investor wishes to take a small ownership stake in a privately owned firm. The business as a going concern is estimated to have

2. An investor wishes to take a small ownership stake in a privately owned firm. The business as a going concern is estimated to have a total value of $100 million. The investor believes that the appropriate control premium and liquidity discount for a business of this type are 20% and 25%, respectively. What is the maximum amount the investor should pay for a 20% interest in the firm?

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