InvestExperts is a small venture firm that is considering making an initial investment (and possibly a follow-on investment) in NewTestCo that is developing and manufacturing a new test for contamination of drinking water supplies. From InvestExperts internal investment storyboard, the following investments are contemplated: September 1, 2023: $1.0 million investment in Series A preferred shares at a pre-money valuation of $4.0 million. September 1, 2024: A $2.5 million follow-on investment as part of a shared $5.0 million Series B investment round, with a pre-money valuation of this round of $19 million. InvestExperts analysts are planning an investor exit on September 1, 2027 (probably by sale of the company to a larger company). (a) Assuming no other rounds of financing beyond Series B, compute the total percentage ownership of shares of all classes owned by InvestExperts on the following dates: September 2, 2023 August 31, 2024 September 2, 2024 (assuming that Series B closed on September 1, 2024) August 31, 2027 (b) Assuming that InvestExperts is targeting a 40% internal rate of return (IRR), compute the minimum terminal value (ie. the total value of the company) required at exit on September 1, 2027 to yield this target IRR on InvestExperts investment in both Series A and Series B (combined yield). (c) Assuming that it is now 2026 InvestExperts made its planned investments in Series A and Series B however there has been a 24-month delay in the company securing a key regulatory approval that will enable the investor exit, so the planned sale of the company has been moved to September 1, 2028. Using the same terminal value you computed in part (b), compute the reduction in IRR (down from 40% to some lower value), that this 24-month delay has caused. (d) For the same conditions in part (c) above (ie. investor exit on September 1, 2028), compute the following: The required company revenue as of September 1, 2028 that would support a valuation of 3x gross revenue (based on trailing revenue ie revenue in the last 12 months); and The required EBITDA (based on trailing earnings in the last 12 months) as of September 1, 2028 that would support a valuation of 10x trailing EBITDA.