Question: To determine the conversion condition, we need to find th e point at which proceeds from conversion are more valuable than proceeds from

"To determine the conversion condition, we need to find th
e point at which"
proceeds from conversion are more valuable than proceeds from redemption.
proceeds from conversion are equal to the amount invested in the firm
the firm will accept its next round of funding
the cap on preferred stock matches the discounted present value of future rounds of funding.

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