You work for a cellphone manufacturing company that has developed a new product. The new cellphone production will last for 9 years. You expect that sales from the new product will generate cash flows of $16.8 million from the first year and that this amount will grow at a rate of 2.3% per year for the next 9 years. If the cost of capital is 9.2% per year, what is the present value of producing this cellphone? Round your answer to the nearest whole number.