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A publicly traded corporation in an industry with an average price-earnings ratio of 20 has the following summary financial results.

Sales 1,000,000

Expenses 500,000

Operating income 500,000

Taxes 300,000

Net income 200,000

Assets 2,500,000

Liabilities 1,000,000

Shareholders’ equity 1,500,000

A competitor wishes to make a bid to acquire the stock of the company. What is the current market value?