An investor believes that she can improve the operating income of a bakery by 30 percent by introducing modern management and marketing techniques. A review of the target’s financial statements reveals that its operating income in the current year is $150,000. Recent transactions, resulting in a controlling interest in similar businesses, were valued at six times operating income. The investor also believes that the liquidity discount for businesses similar to the target firm is 20 percent. What is the most she should be willing to pay for a 50.1 percent stake in the bakery?