THS 1051 21 pis possiblO 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 $5 milion in its first year and that this amount will grow at a rate of 5% per year for the next 17 years. Once the patient 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 the interest rates 9% per year? The present value of the new drug is $ion (Round to three decimal places.) Enter your answer in the answer box