The head of the accounting department at a major software manufacturer has asked you to put together a pro forma statement of the company's value under several possible growth scenarios and the assumption that the company's many divisions will remain a single entity forever. The manager is concerned that, despite the fact that the firm's competitors are comparatively small, collectively their annual revenue growth has exceeded $50$ percent over each of the last five years. She has requested that the value projections be based on the firm's current profits of $$3\mathrm{.}2$ billion $($which have yet to be paid out to stockholders$)$ and the average interest rate over the past $20$ years $(6$ percent$)$ in each of the following profit growth scenarios:

a$.$ Profits grow at an annual rate of $9$ percent. $($This one is tricky.$)$

Instructions: Enter your responses rounded to two decimal places.

b$.$ Profits grow at an annual rate of $2$ percent.

c$.$ Profits grow at an annual rate of $0$ percent.

billion

d$.$ Profits decline at an annual rate of $4$ percent.

billion