A VC group invests in your company and in return the firm gives them 100,000 preferred shares. Each share will pay out $3 annually into perpetuity. If the prevailing cost of preferred equity is 15%, how much did the VC group pay for the 100,000 shares assuming the price paid was "fair"?

		$1.5 million
		$2.5 million
		$2.0 million
		$1.0 million