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An angel investor provides a fledging start-up with $1,000,000 in exchange for 100,000 stock options. If the start-up company is successful, has an IPO at

An angel investor provides a fledging start-up with $1,000,000 in exchange for 100,000 stock options. If the start-up company is successful, has an IPO at the end of Year 4, and the stock sells for $25 per share, how much would the investor's investment be worth? What is the IRR of this investment? (Round to the nearest percent.)

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