info in first picture is for the question in second picture

Use the following information to answer the next two questions: 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 $3 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. If the interest rate is increased to 15% per year, then the present value of the new drug is closest to (milions)? 23.61 30.00 77.52 20.86 18.14