You are running a hot Internet company. Analysts predict that its earnings will grow at $20\%$ per year for the next $9$

years. After that, as competition increases, earnings growth is expected to slow to $3\%$ per year and continue at that

level forever. Your company has just announced earnings of $$5$ million. What is the present value of all future

earnings if the interest rate is $10\%?($Assume all cash flows occur at the end of the year.$)$

The present value of all future earnings is $ million. $($Round to two decimal places.$)$