A company has just developed a new product and the future seems bright. The first few years sales will not be as high, but management is sure that within three years it will take off. The projected cash flows (at the end of the year) are * year 1: $1 million * year 2: $2 million * year 3: $2.5 million * year 4 to 10: $6 million (for year) With an interest rate of 14%, what is the present value of the projected cash flows?