Chris Blazo, owner of the C\&C Fishieries, wants to determine the present value of his investment. The company is currently in the development stage but hopes to "begin" operations early next year. After-tax cash flows during the next five years are expected to be as follows: Year 1=0, Year Z=0, Year 3=0, Year 4=$500,000, and Year 5=$1.75 million. Cash inflows are expected to be $3.00 million in Year 6 and are expected to grow at a 5 percent annual rate thereafter. Target discount rates by life cycle stage are development stage, 40 percent; startup stage, 35 percent; survival stage, 30 percent; and early rapid-growth stage, 25 percent. As ventures move from their late rapid-growth stages and into their maturitu 15 percent discount rate is often used. A. Determine the venture's terminal or horizon value at the end of five years. B. What is the present value of the venture? C. What percent of the ownership interest should Chris be willing to give to an investor, Mr. Nissan. for his $300.000 investment