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 turmed out successful products. You estimate that, on average, the division launches two projects every three years, so you estimate that there is a 67% chance that a project will be produced every year. Typically, the investment opportunities the R\&D division produces require an initial investment of $10.5 million and yield profits of $1.07 million per year that grow at one of three possible growth rates in perpetuity: 3.4%,0.0%, and 3.4%. 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 all the probabilities are risk-neutral probabilities, which means the cost of capital is always the risk-free rate and risk-free rates follow this path: The current interest rate for a risk-free perpetuity is 7.9%; in one year, there is a 60% chance that all risk-free interest rates will be 9.8% and stay there forever and a 40% chance that they will be 6.4% and stay there forever. The current one-year risk-free rate is 7.1\%. 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.) What is the present value at time 0 of all future growth opportunities? The present value is $ million. (Round to three decimal places.)