John Thompson, CEO of New Venture, Ic., seeks to raise $5 million in equity for his early stage venture in January 2016. NewVenture is a subscription-based software company that has experienced 75% revenue growth over the last year. The company generated $2.5 million of revenue in 2015, with an operating loss of ($450,000). Thompson projects that NewVenture will achieve $30 million in revenue by 2020, followed by 5 years of 35% revenue growth and 3% growth thereafter. He also estimates that the company will remain unprofitable until 2020, with EBIAT margins of about -10% on average over the next 5 years, growing over time to an average of 5% in years 6-10 and 10% thereafter. Asset intensity is projected to remain at its current -10%. a. Samantha Jones of Gorsuch Capital is considering an investment in January 2016. Her experience with comparable 'Software as a Service' (SaaS) startups suggests that NewVenture could exit in December 2020 with a 4X to 6X Price-to-Sales multiple. Given this, what is her projected exit value for NewVenture in 2020?