1. Scenic Ventures is considering an investment in a start-up firm offering ecotourism excursions in Costa Rica. Scenic Ventures estimates that, if the venture is successful, the ecotourism company will have a value of $25 million in four years, the time of the exit. Scenic has agreed to an initial investment of $3 million and requires a return of 50 percent on these types of investments. What ownership fraction will Scenic demand in exchange for its investment?