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You are running an Internet company. Analysts predict that the company's earnings will be $ 1 , 0 0 0 , 0 0 0 per

You are running an Internet company. Analysts predict that the company's earnings will be $1,000,000 per year for the next three years. After that, earnings growth is expected to be 4% per year and continue at that level forever. What is the present value of all future earnings if the interest rate is 6%?(Assume all cash flows occur at the end of the year.)

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