3. You are running a hot Internet pharmacy company. Analysts predict that its earnings will grow at 30% per year for the next five years. After that, as competition increases, earnings growth is expected to slow to 2% per year and continue at that level forever. Your company has just announced earnings of $1,000,000. What is the present value of all future earnings if the interest rate is 8%? (Assume all cash flows occur at the end of year.) [Hint: the timeline consists of two parts, a growing annuity for five years and a growing perpetuity after that.]