Assume you sell for $$100,000$ a $10\%$ ownership stake in a future payment one year from

now of $$1\mathrm{.}5$ million.

a$.$ What is the implied return for the $10\%$ ownership?

b$.$ What is the present value of the entire $$1\mathrm{.}5$ million, using the implied return from question

a$?$

c$.$ What is $10\%$ of the value determined in question $b?$

d$.$ Does it matter whether you grow the $$100,000$ at $50\%$ to $$150,000$ and note it is $10\%$ of

$$1\mathrm{.}5$ million, or discount the $$1\mathrm{.}5$ million at $50\%$ to get $$1$ million and note that $$100,000$

is $10\%$ of this present value?

Make sure to show all work and include all formulas used.