The Aspen Venture is currently in the survival stage but hopes to begin operations early next year. After-tax cash flows during the next five years are expected to be as follows: Year 1 = -$2 million, Year 2 = -$3 million, Year 3 = $ 1 million, Year 4 = $2.5 million, and Year 5 = $3 million. Cash inflows are expected to be $3.18 million in Year 6 and are expected to grow at a 6 percent annual rate thereafter (from Year 5). Recall that venture investors often use different discount rates when valuing ventures at various stages of their life cycles. For example, target discount rates by life cycle stage are development stage, 50 percent; startup stage, 40 percent; survival stage, 35 percent; and early rapid-growth stage, 30 percent. As ventures move from their late rapid-growth stages and into their maturity stages, a 20 percent discount rate is often used. How much approximate percentage of the Aspen Ventures ownership would have to be sold if the new investor, KPCB wants to invest $1,000,000 in Aspen venture today?