The founders and owners of a private company have funded it through the following rounds of investment: Round Source Price Number of Shares Series A Self $1.00 100,000 Series B Angel $1.00 225,000 Series C Venture Capital $1.25 350,000 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%