You work for a fast food company that has developed a new chicken fillet sandwich. Your secret sauce allows you to be the only company selling the sandwich exclusively for 7 years. You expect that the chicken fillet's profits will be $300,000 in its first year and that this amount will grow at a rate of 7% per year for the next 7 years. Once the recipe of the sauce is replicated, other restaurants will be able to produce the same chicken fillet and competition will likely drive profits to zero. What is the present value of the new chicken fillet if the interest rate is 9% per year