HW Score: 31.25%, 5 of 16 pts 6 of 16 (6 complete) Score: 0 of 1 pt Question Help XP 4-29 (similar to) You work for a pharmaceutical company that has developed a new drug The patent on the drug will last 17 years. You expect that the drug's profits will be $1 million in its first year and that this amount will grow at a rate of 5% per year for the next 17 years. Once the patent expires other pharmaceutical companies will be able to produce the same drug and competition will likely drive profits to zero What is the present value of the new drug is the interest rate is 11% per year? The present value of the new drug is million Round to three decimal places) You work for a pharmaceutical company that has developed a new drug. The patent on the year for the next 17 years. Once the patent expires, other pharmaceutical companies will b is 11% per year? The present value of the new drug is $ million (Round to three decimal places.) Enter your answer in the answer box and then click Check Answer All parts showing 0 Type here to search i work 6 of 16 (9 complete) 6 or 18 (0 competes y drug. The patent on the drug will last 17 years. You expect that the drug's profits will be $1 eutical companies will be able to produce the same drug and competition will likely drive pr decimal places.) ny score. 5070, VI 10 5 Question Help act that the drug's profits will be $1 million in its first year and that this amount will grow at a rate of 5% per and competition will likely drive profits to zero. What is the present value of the new drug if the interest rate 12:30 PM 2/19/2020 19 You work for a pharmaceutical company that has developed a new drug. The patent on the year for the next 17 years. Once the patent expires, other pharmaceutical companies will L is 11% per year? The present value of the new drug is $ million. (Round to three decimal places.) Enter your answer in the answer box and then click Check Answer All parts showing