three decimal points please

You work for a pharmacoutical company that has developed a new drug. The patent on the drug will last 19 years. You expect that the drug's prefts wil be $1 millon in its firatyear and that this amount wis grow at a rate of 4% per year for the next 19 years. Once the patont expiros, othar pharmapoutical companios will be atle to produce the samo drug and competfion wit iknty 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.)