直接用2.5M投资款乘以8倍乘数，除以150终值，得13.33%

问题如下：

Q. Which of the following is closest to Estragon’s expected fractional ownership of the startup if it makes this projected investment in the Series A financing?

选项：

A.A.13.3%

B.B.15.4%

C.C.71.4%

解释：

A is correct. The post-money valuation may be estimated as EUR18.75 million (= EUR150 million exit value ÷ 8× ROI). Estragon’s fractional ownership is estimated at 13.3% (= 2.5 ÷ 18.75). Response B is incorrect as it uses the pre-money valuation of EUR 16.25 million (= 18.75 − 2.5) as the denominator in calculating fractional ownership. Response C is incorrect as it assumes EUR1 million as the pre-money valuation, so then assumes post-money valuation of EUR3.5 million.