A) An entrepreneur founded his company using $200,000 of his own money, issuing himself 200,000 shares of stock. An angel investor bought an additional 100,000 shares for $150,000. The entrepreneur now sells another 400,000 shares of stock to a venture capitalist for $2 million. What is the post-money valuation for the last round of funding in dollars?

B) In previous question, suppose the company intends to go public by selling 3,000,000 new shares. Moreover, assume the company has no debt but has an excess cash of $20 million, and the revenues for next year is estimated to be $25 million. Further assume thad the industry average forward EV-to-Sales multiple is 4, whereas the average trailing EV-to-Sales ratio is 5. What is the estimated IPO stock price?