Your sole proprietor startup company is now 3 years old and you are looking for an equity investor so you can expand production. You estimate that you need $3mm in capital, and that will result in $1.5mm in cash flow next year and sustainable growth of 12%.

What ownership percentage would you need to give to a VC if they expect a 45% return on their equity?

How would that change if the growth rate went up to 15%? Down to 10%?