Someone founds a company and goes through the investment rounds shown below: Round Source Price Number of Shares Class A Self $0.50 375,000 Class B Angel $1.00 400,000 Class C Venture Capital $1.50 250,000 Class D Venture Capital $2.25 400,000 He decides to take the company public through an IPO, issuing 2 million new shares. Assuming that he successfully completes the IPO, the net income for the next year is estimated to be $9 million. His banker informs him that the price of shares should be set using average price-earnings ratios for similar businesses, which is 14.0.What will be the price of IPO?