You are running a hot Internet company. Analysts predict that its earnings will grow at 10% 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 $5 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.) The present value is million (Round to two decimal places.)