Given that the Cash Flow of a venture in its mature stage (year 6 and onward) is $3.5 million, the projected growth rate in year 6 and following is 6% per year, the return required by the investor is 40% per year, and the expected return for similar businesses is 20% per year, what is the discounted terminal value of the venture in year 5?

Select one:

a. $3,320,258

b. $4,136,975

c. $4,684,361

d. $25,000,000

e. Cannot be determined from the above information.