You are raising an initial equity round of $500,000 from Angel investors. They want a 20% rate of return on their investment. You hope to sell the company in 6 years from now for $40mm. You will have to raise two more rounds of financing along the way; you expect they will be diluted by 90% from their initial ownership percentage. Based on these assumptions, what is the highest post-money valuation you can negotiate for this initial round? A. $4.5mm

B. $6.7mm

C. $1.3mm

D. $14.8mm

E. $12.1mm