You work for a phamaceuticol compamy that has developed a new dryg. The patent on the drug will last 17 years. You expest that the drugis peotts wit be 55 millen in its trat your and fot this amount will grow at a rate of 2% per year for the next 17 years. Once the patent expires, other pharmaceutical companies will be able to produce zee same drug and campestion will lkey ditive profits to zero. What is the present value of the new drug if the internst rate is 9% per year? The present value of the new drug is milion. (Round to three decimal places.)