A chemist and a manager are thinking of quitting their current jobs to start a biotech firm and develop an antiviral drug. During the development period both people would be working in the firm without pay: the chemist would miss out on $160,000 of potential wages, whereas the manager would miss out on $200,000 of potential wages. At the end of the development period, they would sell the new drug formula to a pharmaceutical company for $3 million.

Before they can create the venture, both people need to agree on how to divide that final payout. The chemists impatience during bargaining is equivalent to an interest rate of 15%, whereas the managers impatience is equivalent to an interest rate of 7%. The chemist will make an initial proposal to the manager, and then they will exchange counteroffers until they reach an agreement.

According to the bargaining model involving alternating offers with impatience, how much of the $3 million would we expect the chemist to receive? Show calculations to support your answer in the text box below.