Next year, you decide to work for the Soprano VC fund, the leading VC fund in New Jersey. Your first assignment is to value the price per share for an $$11$ million investment in a start$-$up Internet venture, and to decide on what share of the company you should demand. You project the company will have Net Income in Year $6$ of $$54$ million. Similar profitable Internet ventures listed on stock exchanges are trading at an average Price$-$Earnings Ratio of $12.$ The company currently has $300,000$ shares outstanding. Your boss tells you that the Soprano VC fund requires a target rate of return of $60\%.$ You are of the opinion that three more senior staff will need to be hired in this Internet venture, and this number of top caliber recruits would require options amounting to $13\%$ of this Internet Company$$s common stock outstanding. Additionally, you believe that, at the time the Internet Company goes public, additional shares equivalent to $21\%$ of the common stock will be sold to the public. What is the appropriate price per share, and how many shares do you require? In addition, identify the problems associated with using the average Price$-$Earnings Ratios of current publicly trading Internet Companies. $[10$ marks$]$