Question 22.

Mary has started a media firm with the financial support of her friends and family. A few months after the establishment, she receives a $200,000 check from an angel investor at a post-money valuation of $1 million. After receiving the funding from the angel investor, Mary's media firm becomes profitable, and the firm receives a $15 million investment for an $80 million post- money valuation from a venture capital fund. If the angel investor cashes out of its investment at this valuation, what is the angel investor's returns?