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Pak Budi has the opportunity to buy equity from a company of $ 3,000,000. Mr. Budi has $ 1,000,000 to invest and an investor company is willing to invest $ 2,000,000 with an expected return of 20% per year. Mr. Budi should assume the additional $ 5,000,000 as a 5 year bank loan with interest of 12% per annum.

This means an initial enterprise value of $ 8,000,000 consisting of $ 5,000,000 long-term bank loan and

$ 3,000,000 equity capital. Assume that the firm's valuation method and EBITDA multiples or the relative valuation model suggests an enterprise exit value of $ 12,000,000 based on EBITDA.

$ 2,000,000 times 6.

a. How much ownership will Pak Budi give up to generate an expected 20% annual rate of return to investors?

b. If the agreement is made according to Pak Budi's projections, what is the compound rate of return each year that Pak Budi will get over a period of 5 years?

c. Draw a Venture Valuation Pie that shows the company's current and future value and percentage of equity ownership.