8. (15 pts) Vail Venture Investors, LLC is considering a $1,000,000 investment in a new venture. They believe that the venture has a 60 percent chance of becoming the living dead, and a 40 percent chance of achieving venture Utopia. The living deal scenario is projected at $200,000 in earnings and a price-earnings ratio of 7 for a five-year exit. The venture Utopia scenario is $2,000,000 in earnings and a price- earnings ratio of 20 for a three-year exit. Assume that under venture Utopia scenario, there will be an annual $2,000 preferred dividend to be paid to Vail Venture Investors in each of the three years before exit Under the living dead scenario, Vail Venture expects to receive the $2,000 yearly dividend only from Year 3 to Year 5. Determine the acquired percentage of final ownership that Vail Venture Investor would need for the $1,000,000 proposed investment if it expects a 25% compounded rate of return