P9-1: Suppose that First Meriam decides that Marvins shares are worth only $0.90 each. The common stock and the number of shareholders are as follows:

Extract Common stock 1,000,000 Number of Shareholders 10 a. How many shares will Marvin need to sell to raise the additional $0.9 million? (Enter your answer in whole number not in millions.) Number of shares b. What fraction of the firm will Marvin's managers own after the VC investment? (Enter your answer as a percent rounded to 2 decimal places.) Percentage of the firm Marvin's managers will own after the VC investment %