Problem $14-6$ Venture capital

Suppose that First Meriam decides that Marvin's shares are worth only $$0\mathrm{.}75$ each. The common stock and the number of

shareholders are as follows:

a$.$ How many shares will Marvin need to sell to raise the additional $$1\mathrm{.}2$ million?

Note: Enter your answer in whole number not in millions.

b$.$ What fraction of the firm will Marvin's managers own after the venture capital investment?

Note: Enter your answer as a percent rounded to $2$ decimal places.