You are running a social network company. Analysts predict that its earnings will grow at 25% per year for the next four 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 $1,200,000. 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.