Jones Company acquired a patent on an oil extraction technique on January 1, 2020 for $7,500,000. It was expected to have a 10 year life and no residual value. Chi uses straight-line amortization for patents. On December 31, 2021, the future cash flows expected from the patent were $700,000 per year for the next eight years. The present value of these cash flows, discounted at Chis market interest rate, is $4,200,000 (present value of cash flows, or fair market value of the patent is $4,200,000).

1. Calculate the total (undiscounted) future cash flows expected from the patent, as of December 31, 2020?

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