As the owner of Rainier Food, you like to determine the present value of your business. The business is currently in the development stage but hopes to start operations in a few months. After-tax cash flows during the next five years are expected to be as follows:

Year 1 - 2: $0,

Year 3: $1 million

Year 4: $2 million

Year 5: $3 million and expected to grow at an 8% thereafter.

Use the target discount rates of 50% for development stage venture, whats the valuation of Aspen?