You are running a brick-and-mortar company. Analysts predict that for the first five years its earnings will be$5million per year starting next year.Afterthat,as you expand customer base,earnings growth is expected to increase to 4%per year and continue at that level forever.What is the present value of all future earnings if the interest rate is 6%?

(Assumeall cash flows occur at the end of theyear.)It is in your interest to show some intermediate steps, so we can give you any extra credit you deserve.