-13 points UTPBFIN1 IV.E.029. My Notes You work for a pharmaceutical company that has developed a new drug. The patent on the drug wil last 16 years. You expect that the drug's profits will be $2 million in its first year and that this amount will grow at a rate of 5% per year for the next 16 years. Once the patent expires, other pharmaceutical companies will be able to produce the same drug and competition will key drive profits to zero. What is the present value in milions of dollars) of the profits from the new drug if the interest rate is 11 per year? (Round your answer to two decimal places)