A venture capitalist invests in a company by means of buying

* 6 million shares for $3 a share and

• 7% bonds with a nominal value of $2 million, repayable at par in 3 years' time

The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment

The company has 8 million shares in issue

What is the minimum total equity value for the company in 3 years' time required to satisfy the venture capitalist's expected return?

Give your answer to the nearest $ million