Dean and Estevez, Inc. (D&E) is a firm that provides temporary employees to businesses. D&E’s client base has grown rapidly in recent years, and the firm has been quite profitable. The firm’s co-founders, Mr. Dean and Mr. Estevez, believe in a conservative approach to financial management and therefore have not borrowed any money to finance their business. A larger company in the industry has approached D&E about buying them out. In the most recent year, 2012, D&E generated free cash flow of $1.4 million. Suppose that D&E projects that these cash flows will grow at 15% per year for the next four years, and then will settle down to a long-run growth rate of 7% per year. The cofounders want a 14% return on their investment. What should be their minimum asking price from the potential acquirer?