You are thinking about making an investment in the widget company. to decide how much your investment should be, you decide to run a net present value calculation on the 5 year (60 month) proforma. you build a proforma with the following assumptions: month 1 revenue: $100,000 expenses $95,000 net operating income (noi): $5,000 each month the revenue grows at an annualized rate of 10% and the expenses drop at an annualized rate of 3%. at the end of 5 years you determine that the widget company will have a noi of $81,214 in month 60 and you place a terminal value on the company at the end of 5 years at $1,000,000. you calculate the monthly profits for the widget company and add up each of the 60 months to get a total profit number of $2,444,468. so your investment will generate $2,444,469 in profits over 60 months and then at the end of 60 months you believe you can sell the company for $1,000,000 (the terminal value). however, there is risk in the investment as the widget market is not a sure thing and so you apply a 15% discount rate to the monthly profits and the same to the terminal value. based on this calculation, what is the most you should want to pay for the widget company?