18. Assume that Walt (founder) raise $12 million at $8 million pre-money. Calculate the final ownership for Walt (founder) after the third round if he raises $12 million following in three rounds of staged financing in increments: (a) $3 million at $3 million pre-money; (b) $3 million at $9 million pre-money; and (c) $6 million at $24 million pre-money.

1. 40%
2. 30%
3. 37.5%
4. 50%
5. None of the above.