Smart Fund, a venture capitalist firm will invest in 100,000 preference shares of JobsRUs, currently a private company. According to the investment contract, the preference shares would pay an annual dividend of $60,000 for five years. It is also stipulated that the preference shares will be converted one for one to ordinary shares at the end of 5 years, whereupon the company will go public and Smart Fund will sell all of their shares. The expected Initial Public Offering Price for JobsRUs when that happens is $100 per share. C3.1 How much would Smart Fund's initial investment with JobsRUs amount to if Smart's expected rate of return is 20% per year? C3.2 How much would each JobsRUs preference share cost when Smart makes their investment