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11. Petry Corp. is a growing company with sales of $1.25 million this year. The firm expects to grow at an annual rate of 25 percent for the next three years, followed by a growth of 20 percent per year for the next two years. What will be Petrys sales at the end of five years? (Round to the nearest percent.)

12. Chandler Corp. is expecting a new project to start producing cash flows, beginning at the end of this year. They expect cash flows to be as follows: $643,547 at the end of year 1, $678,214 at the end of year 2, $775,908 at the end of year 3, $778,326 at the end of year 4, and $735,444 at the end of year 5. If they can reinvest these cash flows to earn a return of 8.2 percent, what is the future value of this cash flow stream at the end of five years? (Round to the nearest dollar.)

13. Franklin Foods announced that its sales were $1,233,450 this year. The company forecasts a growth rate of 16 percent for the foreseeable future. How long will it take the firm to produce earnings of $3 million? (Round off to the nearest year.)

14. FV of multiple cash flows: International Shippers, Inc., have forecast earnings of $1,233,400, $1,345,900, and $1,455,650 for the next three years. What is the future value of these earnings if the firms opportunity cost is 13 percent? (Round to the nearest dollar.)