The expected cash flow in three years of an investment in a venture made today is $3.6 million, the correlation between venture cash flows and the market is 0.2, the three-year standard deviation of future cash flows is $800,000, the one-year market risk premium is 6.0 percent, the one-year standard deviation of the market is 18%, and the annual risk-free rate is 5%. What is the risk adjustment to the expected cash flow, certainty-equivalent cash flow, and what is the present value of the cash flow?