An analyst collects the following data for a privately held company with no debt outstanding and two lines of business:

| Engineering | Homebuilding |

|-------------|--------------|

| EBITDA per business line | $1,500,000 | $1,000,000 |

| EV/EBITDA multiples for comparable public companies | 13.1× | 4.1× |

Using a market approach to estimate the EV of the company, the analyst determines the discount for lack of control to be 10% and the discount for lack of marketability to be 12.5%. The EV for the company from a non-controlling, minority interest shareholder perspective is closest to: