Consider a start-up requiring $5,000 initial funding Furthermore, assume that a VC estimates the firm would yield the following cash flows with probability p=0.70 and 1p=0.30, respectively. The VC's investment is structured as a convertible preferred stock with no dividend rights but with liquidation preference of $5.000 and is convertible at any time into common stock. What percentage of common equity should the preferred stock convert into for the VC to attain IRR of 45%? 79% 55% 65% 73% 69% Consider a start-up requiring $5,000 initial funding Furthermore, assume that a VC estimates the firm would yield the following cash flows with probability p=0.70 and 1p=0.30, respectively. The VC's investment is structured as a convertible preferred stock with no dividend rights but with liquidation preference of $5.000 and is convertible at any time into common stock. What percentage of common equity should the preferred stock convert into for the VC to attain IRR of 45%? 79% 55% 65% 73% 69%