You are running a hot internet company. Market analysts estimate that its earnings will grow at 30% per annum for the next five years (that is, years 1 5). After that, as competition increases, earnings growth is expected to slow down to 2% per annum and continue at that level forever. Your company has just announced earnings of $1 million today. Assuming end of the year cash flows, what is the present value of all future earnings if the interest rate is 8 percent per annum?