Suppose the current price of gold is $$1,300$ an ounce. Hotshot Consultants advises you that gold prices will increase at an average rate of $12\%$ for the next two years. After that the growth rate will fall to a long$-$run trend of $4\%$ per year. Assume that gold prices have a beta of $0$ and that the risk$-$free rate is $5\mathrm{.}5\%.$ What is the present value of $1\mathrm{.}5$ million ounces of gold produced in $8$ years?