In a seed round of raising capital, an angel investor provided a $500,000 convertible note with a 10% interest rate, a discount rate of 20% and a cap of $3 million. In the Series A round that followed 365 days later, a VC firm invested $2 million with a pre-money valuation of $5 million. In the Series A round, the firm had 20,000,000 shares (fully diluted).

1. In the Series A round, what is the per share price for the Series A investor (VC firm)?

2. In the Series A round, what is the per share price for the Angel

3. If these prices are different, explain why.