Collins Commerce Company has no outstanding debt and is being evaluated as a possible acquisition. Collins' FFCFs for the next five years (that is, starting at t = 1) are projected to be $1 million per year and, beginning in year 6 (this is the year after t = 5, so t = 6 will be affected), the cash flows are expected to begin growing at the anticipated rate of inflation, which is currently 3% per annum (per year). (That is, t = 6 cash flow is 3% larger than t = 5 cash flows, and this growth will continue.) If the cost of capital for Collins is 10%, what is your estimate of the present value of the FFCFs (and hence the firm)? [This is based on a Titman problem.]