On January 2008, your firm raised $10 mill in Series A financing with a 2x liquidation preference, no participation rights, and a $25 post-money valuation.

On January 2010, your firm raised $20mill in Series B (less senior) financing with a 1x liquidation preference, no participation rights, and a $40 post-money valuation.

What would be the minimum sale price of the firm such that every investor converts?

a. 40

b. 100

c. 75

d. 50