A private equity firm purchased a cable company and assumed the company's debt as part of the transaction. The deal was structured such that the private equity firm received $3 million immediately after the deal was closed (in year 0) through the sale of some assets. This year (year 1) income was $3.36 million, and it is projected to increase by 12% each year through expansion of the customer base. What was the present worth in the year of purchase of the income stream over a 10-year period? The firm's expected rate of return for any purchase is 15% per year.