The cost associated with manufacturing high$-$performance lubricants closely follows the cost of crude oil. For the next $17$ years, an independent refiner is expected to cost $$5M$ in years $1$ through $6,$ after which the cost increases by $10\%$ per year.

The nominal interest rate is $10\%$ per semi$-$year, compounded quarterly.

Calculate the present value of the manufacturing cost.

Please solve the problem using formulas.