1. Assume you sell for $100,000 a 10 percent ownership stake in a future payment one year from now of $1.5 million.
   1. What are you saying about the implied return for the 10 percent owner?
   2. What is the present value of the entire $1.5 million, using the implied return from Part A?
   3. What is 10 percent of the value determined in Part B?
   4. Does it matter whether you grow the $100,000 at 50 percent to $150,000 and note it is 10 percent of $1.5 million, or discount the $1.5 million at 50 percent to get $1 million and note that $100,000 is 10 percent of this present value?