1. In a series A investment, a VC provides $20 million to a $40 million pre-money startup company. The company receives an offer to be acquired for $120 million. Consider the following scenarios and calculate how much Series A investors receive versus common stockholders:

1. 1 x preference, nonparticipating
2. 2 x preference, nonparticipating
3. 1 x preference, participating
4. 1 x preference, participating in a 3 x cap.