Ben Toucan, owner of the As/ten Restaurant, wants to determine the present value of his investment. The Aspen Restaurant is currently in the development stage hut hopes to "begin" operations early next war. After-tax cash flows during the next five years are expected to be as follows: Year 1 0. Year 2 0. Year 3 =0. Year 4 : $2.S million, and Year 5 - $3 million. Cash inflows are expected to be $3 18 million in Year 6 and are expected to grow at a 6 percent annual rate thereafter. Recall from Chapter ? that venture investors often use different discount rates when valuing ventures at various stages of their life cycles, for example, target discount rates by life cycle stage are tlewlopmeni stage. 50 percent: startup stage. 40 percent: sundial stage. 35 percent. and early rapid-growth stage. 30 percent. As ventures move from their late rapid-growth stages and into their maturity stages, a 20 percent discount rate is often used. A. Determine the Aspen Brew Pub's terminal or horizon value at the end of five years. What is the present value of the Aspen Brew Pub? What percent ownership interest should Ben Toucan be willing to give to a venture investor, Sherri Isitar,for her $1,000,000 investment