Suppose that First Meriam decides that Marvins shares are worth only $0.75 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 $1.5 million? (Enter your answer in whole number not in millions.)

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.)