I'll give thumbs up :)

The founders of "Americana" expect to be able to sell the company for $200 million in nine years. The founders currently have 4 million shares and they want to keep 50% of ownership till the exit. Venture funds have a target annual compound rate of return of 45% on venture investments like Americana. 1. Is it feasible for Americana to raise $20 million from venture funds in one round today, such that the founders keep at least 50% of ownership at the time of exit? What is the maximum amount Americana can raise today so that the founders keep exactly 50% of ownership? 2. Suppose Americana decides to raise money in two rounds. Americana thinks that it will raise $7 million from venture funds four years from now. In this case, what is the maximum amount of money Americana can raise from venture funds now, still assuming that the founders want to keep 50% of ownership at the time of exit? Please show steps and explain how you got the calculations