Fethe Inc. is a custom manufacturer of guitars, mandolins, and other stringed instruments that is located near Knoxville, Tennessee. Fethe's current value of operations, which is also its value of debt plus equity, is estimated to be $5 million. Fethe has $2 million face value, zero coupon debt that is due in 2 years. The risk-free rate is 6%, and the standard deviation of returns for companies similar to Fethe is 50%. Fethe's owners view their equity investment as an option and would like to know the value of their investment. Using the Black-Scholes option pricing model, how much is Fethe's equity worth? Do not round intermediate calculations. Enter answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round answer to two decimal places.