bYou are an analyst working for Goldman Sachs, and you are trying to value the growth potential of a large, established company, Big Industries. Big Industries has a thriving R&D division that has consistently turned out successful products. You estimate that, on average, the division launches two projects every three years, so you estimate that there is a 62% chance that a project will be produced every year. Typically, the investment opportunities the R&D division produces require an initial investment of $9.6 million and yield profits of $1.04 million per year that grow at one of three possible growth rates in perpetuity: 3.2%, 0.0%, and 3.2%. All three growth rates are equally likely for any given project. These opportunities are always "take it or leave it" opportunities: If they are not undertaken immediately, they disappear forever. Assume that the cost of capital will always remain at 12.2% per year. What is the present value of all future growth opportunities Big Industries will produce? (Hint: Make sure to round all intermediate calculations to at least four decimal places.)