Sofin Suarez, CEO of Blockchain Venture, seeks to raise S8 million in a private placement of equity in his early-stage venture, Suarez conservatively projects net income of $7 million in year five and knows that comparable companies trade at a price earnings ratio of 20X Robert Nguyen of Growth Capital likes Sofia's business plan but thinks it naive in one respect: to recruit a senior management team, he believes Sofia will have to grant generous stock options in addition to the salaries projected in his business plan. From previous experience, she thinks management should have the ability to own at least a 15% share of the company by the end for year 5. Given his beliefs, On further analysis and discussion, Sofia and Robert agree that the company will probably need another round of financing in addition to the current $8 million. Robert believes that Blockchain Venture will need an additional $4 million in equity at the beginning of year 3. While the first-round investors (including himself) will required a 40% return, Jose feels that round 2 investors, in recognition of the progress made between now and then, will probably have a hurdle rate of only 30%. The company currently has 1 million shares outstanding. How many shares would Robert get today when considering stock options and the second round investors? Please use two decimals in your calculations. Failure to submit a detailed workout via dropbox would lead to a 50% penalty, 425,340.15 shares 812,627.94 shares 385,693.42 shares 640,419.95 shares