A founder holds 10,000 shares in an early-stage company. The seed investor has invested $15,000 as a convertible note with a negotiated cap in that round of $10,000 (and no discount). The note converts at the next equity financing round. A new investor emerges who wants to invest $18,000 for a 40% equity interest in the venture, which will result in a post-money value of $45,000 in the current round.

 (a) At what value per share would the note convert? 

(b) How many shares will the note investor get? 

(c) Based on pre-money value and shares, what is the value per share for the new investor?

 (d) How many shares would the new investor get for the $18,000 investment?