A founder holds 2 million common shares of GeoTech Company. In 2018, Sunset Ventures bought 2 million preferred shares for $2 million. The preferred shares are convertible into one common share with a 6% accrued dividend and 1X participating preference. The company sells in 3 years for $13 million. What is the total amount in $millions that the founder will receive upon the sale of the company? Express your answer in $millions to two decimal places e.g. $5.23 million should be expressed as 5.23

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To calculate the total amount the founder will receive upon the sale of the company we need to consi... View the full answer