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You are running a hot Internet company. Analysts predict that its earnings will grow at 2 0 % per year for the next 7 years.

You are running a hot Internet company. Analysts predict that its earnings will grow at 20% per year for the next 7 years. After that, as competition increases, earnings growth is expected to slow to 2 per year and continue at that level forever. Your company has just announced earnings of $4 million. What is the present value of all future earnings if the interest rate is 7%?( 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.

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