Use the Table for the Question(s)below

Multiple Choice

Use the table for the question(s) below.
The founders and owners of a private company have funded it through the following rounds of investment:
The owners decide to take the company public through an IPO,issuing 1 million new shares.Assuming that they successfully complete the IPO,the net income for the next year is estimated to be $5 million.The price of shares is set using average price-earnings ratios for similar businesses of 17.0.
-What portion of the company will be owned by the angel investor after the IPO?

A) 12%
B) 16%
C) 22%
D) 30%
E) 33%