You are running a hot Internet company. Analysts predict that its earnings will grow at

20%

per year for the next five years. After that, as competition increases, earnings growth is expected to slow to

6%

per year and continue at that level forever. Your company has just announced earnings of

$1

million. What is the present value of all future earnings if the interest rate is

8%?

(Assume all cash flows occur at the end of the year.)