Q) The founders of "DubiousLedger" expect to be able to sell the company for $100 million in seven years. The founders currently have 6 million shares and they want to keep 50% of ownership till the exit. Venture funds have a target annual compound rate of return of 45% on venture investments like DubiousLedger.

1. Is it feasible for DubiousLedger to raise $15 million from venture funds in one round today, such that the founders keep at least 50% of ownership at the time of exit? What is the maximum amount DubiousLedger can raise today so that the founders keep exactly 50% of ownership?

2. Suppose DubiousLedger decides to raise money in two rounds. DubiousLedger thinks that it will raise $5 million from venture funds three years from now. In this case, what is the maximum amount of money DubiousLedger can raise from venture funds now, still assuming that the founders want to keep 50% of ownership at the time of exit?