1. Seed investors are considering $360,000 investment in the form of a convertible note, which will convert av the lower of a. 80% of the price per share in the next equity nancing, or lo. A premonev valuation of $5 million. The next equity nancing is dened as a round of nancing where at least $4 million is raised, including the conversion of $?50,000 convertible note. Consider two situaons 1. One where the Series A investors take 40% for a $4 million investment at $10 million post monev valuation, and 2. Second, where the Series A investors take 20% for a $4 million investment at $20 million postmoney valuaon. Assume, there are 1 million shares for founder and management. Calculate whether 80% of the price per share implied lav the $10 million ($20 million in second case) postmoneyr valuation is more or less than $5 million cap in the rst situation and second situation