Firm F has no debt, and needs to raise $600,000 at the beginning of year 0 (1st round). With probability 0.7, F will fail in the first development stage (phase 1) and firm value will then be 0. If F successfully completes phase 1, it will then need an additional $1.5 million at the beginning of year 2 (2nd round). If that second cash injection is made, the firm will have a 0.5 probability of completing the second phase, in which case F can be sold at an expected equity value of $15 million at the beginning of year 4. If F fails in the second phase, firm value is 0. Unlevered expected return on equity for F is 10%.

If phase 1 is successful, what share of Fs equity will a year-2 investor require (in exchange for a $1.5 million investment)?