a venture capital fund, is evaluating the business plan of Enchanted Services, a start-up company providing web page design tools. Enchanted is asking for $10 million investment, and the investment should be doubled in the next round of financing. However, the venture capital fund can exit by liquidating its holdings in six years. To come up with the right value of Enchanted,

a real call option value should be added.

a decision tree analysis should be used.

NPV analysis is sufficient.

both a real call and put option values should be added.