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 S4 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 is $million (Round to two decimal places.)