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$15 million in year five. Comparable companies command price/earnings ratios of about 20x. For the risk assumed the VC requires a 50% IRR on the

image text in transcribed $15 million in year five. Comparable companies command price/earnings ratios of about 20x. For the risk assumed the VC requires a 50% IRR on the investment. What ownership should the VC ask for in exchange for her investment of $25 million? 48.69% 54.69% 63.28% 69.25% 75.00%

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