Five different analysts have submitted valuations for a private technology firm that is the subject of a possible acquisition. The valuations are as follows:

Analyst Valuation

1 ......... $26,331,000

2 .........38,803,000

3 .........65,000,000

4 .........27,000,000

5 .........17,000,000

Required

The value of having multiple analyst reports is that one can develop a range of possible valuations, and select a final valuation that seems appropriate. What valuation would you choose for this technology company? Explain your reasoning.