You are an analyst working for Goldman Sachs, and you are trying to value the growth potential of a large, established company, Big Industries. Big Industries has a thriving R&D division that has consistently turned out successful products. You estimate that, on average, the division launches two projects every three years, so you estimate that there is a

69% chance that a project will be produced every year. Typically, the investment opportunities the R&D division produces require an initial investment of $9.8 million and yield profits of $1.04 million per year that grow at one of three possible growth rates in perpetuity: 3.1%, 0.0%, and 3.1%.All three growth rates are equally likely for any given project. These opportunities are always "take it or leave it" opportunities: If they are not undertaken immediately, they disappear forever. Assume that the cost of capital will always remain at 11.9% per year. What is the present value of all future growth opportunities Big Industries will produce?(Hint:Make sure to round all intermediate calculations to at least four decimal places.)