7. Total Marks 10% A Start-Up in a Venture Capital (VC) funding that requires an initial investment of CHF 2 million and, if it survives, the venture is expected to have a value of CHF 15 million at the end of four years. Year 1 2 3 4 Probability of failure 20% 20% 15% 10% What is the NPV of this investment given the conditional failure rates above and a required rate of return of 25%