Talltree is considering a $12M Series B investment in Newco with the structure of 5M shares of common plus RP with $10M APP and a 2X liquidation preference. The flounder and employees have claims on 10M shares of common, and the Series A investors, EBV, have 10M shares of CP with $6M APP. Series B has a liquidation preference to Series A. Both Talltree and EBV receive carried interest of 20 percent and charge management fees of 2 percent per year for all 10 years. Compute the partial valuation equation for the Series A investors (EBV) under this structure.