The founders and owners of a private company have funded it through the following rounds of investment:

RoundSourcePriceNumber of Shares

Series ASelf$1.00100,000

Series BAngel$1.00225,000

Series CVenture Capital$1.25350,000

The owners decide to take the company public through an IPO, issuing additional 1 million new shares. Assuming that they successfully complete the IPO, the net income for the next year is estimated to be $6 million. The price of shares is set using average price-earnings ratios for similar businesses of 15. What portion of the company will be owned by the angel investor after the IPO? To the nearest percent.

a) 10%

b) 13%

c) 19%

d) 24%