You are running a hot Internet company. Analysts predict that its earnings will grow at 25% per year for the next three years. Your company has just announced earnings of $2 million for the current year. a. What is the present value of future earnings for the next three years if the interest rate is 6%? (Assume all cash flows occur at the end of the year.) b. Beginning at the end of the third year, competition is expected to slow earnings growth to 3% per year and will continue to grow at that level forever. The interest rate remains the same. What is the value of the company at three year? (Hint: first perpetuity payment occurs at the end of year 4) c. What is the present value of the company today?