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9. How much equity should we negotiate for a $20m investment if we expect to wait 5 years for an exit that will be priced at 7 times EBITDA for a company that has a 25% chance of generating 100M in EBITDA (otherwise it will be worthless) if investors require an 15% return? Assume that our current equity stake will be diluted in half by the time an exit occurs. 11.5% ownership 23% ownership 46% ownership None of the above