On further analysis and discussion, Benedicta and Roger agree that the company will probably need another round of financing in addition to the current $$5$ million. Benedicta believes that Bestafer will need an additional $$3$ million in equity at the beginning of year $3.$ While the first round investors $($including herself$)$ will require a $50\%$ return, Benedicta feels that round $2$ investors, in recognition of the progress made between now and then, will probably have a hurdle rate of only $30\%.$ As before, management should have the ability to own a $15\%$ share of the company by the end of year $5.$a$.$ Based on this new information, what share of the company should Benedicta seek today? What price per share should she be willing to pay?b$.$ What share of the company will the Round $2$ investors seek? What price per share will they be willing to pay?c$.$ Suppose it was apparent in the beginning of year $3$ that Bestafer would meet it's financial targets, but not until the end of year $7.$ How would your answers to parts $3$a and $3$b change? If Benedicta took her pro$-$rata share of the round $($e$.$g$.$ to keep her percentage ownership of the company the same after the offering as it was before$),$ what overall internal rate of return could she expect?