You are running a hot Internet company. Analysts predict that its earnings will grow at $40\%$ per year for the next $10$ years. After$$ that, as competition$$ increases, earnings growth is expected to slow to $4\%$ 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.$)$

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Part $1$

The present value of all future earnings is $$$

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enter your response here million.