(5 points) Consider the following four CP investors: (1) Series A: $5M APP or converts to 8M shares; (2) Series B: $10M APP or converts to 8M shares; (3) Series C: $10M APP or converts to 10M shares; (4) Series D: $5M APP (and 2X liquidation preference) or converts to 5M shares. In addition to these investors, the founders hold 10M shares of common. ASSUME 20% CARRY AND 2% ANNUAL FEES ON COMM CAPITAL FOR EACH FUND (GP% = 0.10) (a) Find the conversion order for these investors. (b) Find the conversion conditions for the Series A investor after Series D investor? What is the exit value when Series A investor convert? (c) Find the LP valuation equation for Series D investor. (d) What is the LP valuation for Series D investor? (e) What is the breakeven valuation with VCV tools?