22. You work for a pharmaccutical company that has developed a new drug The patent on the drug will last for 17 years. You expect that the drug will produce cash flows of S12 million in its first year and that this amount will grow at a rate of2% per year for the next 17 years once the patent expires, other pharmaceutical companies will be able to produce generic equivalents of your drug and competition will drive any future profits to zero. If the interest rate is 10% per year, then what is the present value of producing this drug? HINT: You either need to use the growing annuity fomula in your book OR you can solve this in excel The present value of producing this drug is