This is the cap table for a startup AFTER two rounds of financing (After Series A and Series B) by a single VC investor:

	Series A January 2014			Series B January 2016
	shares	%	value	shares	%	value
Founder	6,300,000	63%	$6,300,000	6,300,000	52.5%	$25,200,000
Investor	3,000,000	30%	$3,000,000	5,000,000	41.7%	$20,000,000
Options	700,000	7%	$700,000	700,000	5.8%	$2,800,000
Total	10,000,000	100%	$10,000,000	12,000,000	100%	$48,000,000

EXIT: By June 2018, the company shows a net annual profit of $40M and is acquired for a multiple of 6 times profit. Employees have a 4 year linear vesting schedule with options vesting on an annual basis (shares vest once a year at the employee's employment anniversary date).

What is the cash-on-cash return for the investor assuming that there were no Participating Preference terms in the investment.