how calculation would look like without using spreadsheets $?$

9. How much equity should we negotiate for a $20m investment if we expect to wait 5 years for an exit that will be priced at 7 times EBITDA for a company that has a 25% chance of generating 100M in EBITDA (otherwise it will be worthless) if investors require an 1 5% return? Assume that our current equity stake will be diluted in half by the time an exit occurs. O 1 1.5% ownership O 23% ownership O 46% ownership O None of the above