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?

Select one:

a. 31.8

b. 32.8

c. 33.8

d. 34.8