Question: An appraiser has been asked to determine the combined level of valuation discounts for a small equity interest in a private company. The appraiser concluded

An appraiser has been asked to determine the combined level of valuation discounts for a small equity interest in a private company. The appraiser concluded that an appropriate control premium is 15 percent. A discount for lack of marketability was estimated at 25 percent. Given these factors, what is the combined discount?

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