3. You are asked to value a small startup that is expected to generate the following cash flows: That is negative cash flows during the first three years before it turns profitable in year 4 . Its first positive cash flow (in year 4) is equal to $400,000 and expected to remain the same each year forever. The discount rate is equal to 10% per year (compounded annually) and is assumed to remain constant. a. How much is it worth the start-up today (t=0) ? b. How much is the startup worth at t=2 if the positive cashflows grow at 2% starting year 5