Yоu hаve stаrted а winery and need tо raise $500,000 tо purchase equipment to bottle the wine. You are seeking venture capital financing for this investment. You estimate that EBITDA in five years from today will be $1.2 million. In addition, you expect that over the next five years, you will borrow $2 million to fund additional expansion. Finally, you believe your cash balances will reach $300,000 at the end of five years. A venture capitalist (VC) is considering providing financing. The VC believes in Year 5, they can exit the investment at 5x EBITDA. What is the value of equity at exit based on these assumptions?