Suppose that First Meriam decides that Marvins shares are worth only $0.85 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 $1.7 million? (Enter your answer in whole number not in millions.)

Number of shares:

b. What fraction of the firm will Marvins 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:

Please show calculations. Thanks.