Assume that a venture is expected to have an EBITDA of $1,500,000 at the end of five

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Question:

Assume that a venture is expected to have an EBITDA of $1,500,000 at the end of five years from now. If the venture's value is expected to be $15,000,000, what "valuation multiple" was being assumed?

a. 1 time

b. 4 times

c. 8 times

d. 10 times

e. 12 times