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An investor puts $ 4 0 million of equity capital into a business in exchange for a 9 0 % equity stake. Three years later,

An investor puts $40 million of equity capital into a business in exchange for a 90% equity
stake. Three years later, the business is sold for a $90 million transaction value. When it's sold,
it has $20 million of debt and $5 million of cash. What is the purchase price of the deal at exit?
A. $95.0
B. $65.0
C. $75.0
D. $115.0
E. $105.0
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