Suppose you manage an equity portfolio offering a dividend yield (Div 1/P0 ) of 1.2 percent. The value of the portfolio at the end of next year will be $78 million. Dividends and portfolio value are expected to grow at the same constant rate, forever. Your annual fee for managing this portfolio is 5 percent of the portfolio value. Assuming that you will continue to manage the portfolio forever, what is the present value of the management fee? Write your answer in million USD with up to two decimal points; for instance if your answer is 10,567,000 USD you should write 10.57