A venture investor requires an annual, compounded IRR of 20% on all invested capital. Assuming that this investor invested $1.0 million at a pre-money valuation of $4.0 million in Series A, and assuming no other dilution takes place before the company is acquired exactly 5 years from the date of the Series A investment, the minimum total value of the company at acquisition that would satisfy this investor is: Less than $2.0 million. Between $2.0 million and $5.0 million Between $5.0 million and $10.0 million Between $10.0 million and $12.0 million Over $12.0 million