Last year Latest and Greatest Inc, an expansion stage start-up, attracted a $2.5 million Series A convertible preferred financing round from Elite Ventures, at a premoney valuation of $5.5 mill which translated into a price of $1.00 per share. Prior to the Series A round the start-up was fully owned by the founder. This year Latest and Greatest has burnt more cash than expected and requires a Series B round. Since the economy has deteriorated somewhat, it must issue the new capital at a discount to the Series A round, triggering Elite Venture's anti-dilution provisions. In Series B, the value of Latest and Greatest has declined, and a new VC, SecondRate ventures, invested $0.8 million at a price of $0.45 per share. Assume that Elite Venture's has weighted average anti-dilution rights, calculate the price at which Elite will be able to convert its convertible preferred into common stock upon a successful exit. Your answer should be in dollars (i.e for 51 cents you should enter 0.51). Please answer to two decimal places. How much percentage ownership of the start-up will Elite Ventures hold after the Series B Round? Please answer to 2 decimal places