Assume you have developed a business over the past 20 years. You want to determine its worth if you sell it. The value of the property is $2 million and is paid off (no debt). Over the next 10 years, you expect to sell $200,000 worth of widgets per year, increasing at $20,000 worth of widgets each year. Your costs are $120,000 per year, increasing at $10,000 per year. However, at year 5 you must spend $2,000,000 to upgrade equipment to keep up with production. Your costs thereafter are $150,000 per year. What is the present value of the business (i.e. total cost if sole today) assuming an interest rate of 4%/year).