Consider the previous problem. If you staged your commitment by only investing half right now and investing the other half in two years based on the firm meeting their sales targets, why would your required stake decrease?

Question $6$ options:

Because the second round of funding is less risky, and so half my investment should now require a lower rate of return.

Because some of my funds are only locked up for half as much time as before.

Both of the reasons above are true.

My required stake would decrease, but not for either of those reasons.

My required stake wouldn't decrease.