4. Ratchets.com anticipates that it will need $15 million in venture capital to achieve a terminal value of $300 million in five years.

The total exit value is $300m. The claim that each investor has is the FV at t=5 based on anticipated returns of 70%, 50%, and 30%, respectively. The founder maintains has rights to the $300m exit after the claims from each of these rounds. Using the above hints, verify the round 1 investor has an ownership percent of 23.66% at t=5.

What is:

c) Shares issued in rounds 1, 2 and 3?