$-$The most interesting term in the proposed Key Terms document is the ratchet, which would make computations

more complex. Let us first "ignore" the rachet and calculate the returns Series E investors would realize if Square

Inc. exited at $$3$ billion, $$6$ billion, or $$9$ billion.

$-$ The benefit of having the ratchet is to guarantee a minimum $\%$ return for investors and therefore significantly limit

their downside risk. More specifically, in an IPO for Square Inc., because of the ratchet enacted in a public offering,

the Series E investors are guaranteed a minimum of $20\%$ return at any valuation with a per$-$share value below

$$18\mathrm{.}55614,$ while they also maintain a better return at higher per$-$share valuations. Given the existence of the

ratchet, calculate the returns Series E investors would realize if Squares Inc. exited at $$3$ billion, $$6$ billion, and $$9$

billion.