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Cecil has started a new company that is doing very well, and has bootstrapped it up to this point. He is now ready to raise venture capital to accelerate growth and drive to an exit. He figures that he will need a total of about $12-20M in financing to get to the stage where he can negotiate a successful exit He is negotiating with several VCs now to choose a path. He has been presented with two possible offers from different investors for him to consider. One involves getting all the money he needs now; the other is a staged investment. At this point, all of the founder's shares are held by him and his two partners, but they know that they will need to create an option pool to attract the new talent they need (e.g. before the investment round the CAP table should have founders that own a percentage of the company and an option pool that accounts for a percentage of the company). Investment Option 1 - Take in all funding at once: The company has an offer for their Series A Round of a $12M investment at $3 per share from Big VC, with a $4M pre-money valuation. Big VC wants a 10% option pool created before the investment What is the $ Value (total value) of the Founders Shares After the option pool is created BUT before the Series A investment? Your answer should be in whole dollars (no cents) and should be the entire number. Don't write 10.2 for $10,200,000M