NO.PZ201512300100001606
问题如下：
Beckett should estimate the value of the 15% equity interest in Food Garden to be:
选项：
A.$6,750,000
$7,800,000
$12,750,000
解释：
B is correct. The lack of control and lack of marketability discounts are applied in sequence. The discounts are multiplicative because the valuation process involves discrete steps—first moving from a controlling to a non-controlling basis, and then moving from a marketable to a non-marketable basis. Therefore, the 15% equity interest in Food Garden is calculated as:
为什么不能先算1-（1-20%）*（1-35%）=0.48 然后再用equity乘以这个0.48?
