You work for a pharmaceutcal company that has developed a new drug. Tho potent on the drug will last 17 yoars. You oupect that the drugis profits will be 53 milion in is first year and that this anount wil grow at a rate of 4% per year for the noxt 17 yoars, Once the pasent expires, other pharmaceutical companies wil be athe to produce the same drug and competition wil ikely drive protis to zere. What is the present value of the new drug if the interest rate is ah per year? The proaent value of the new drug is 1 mition. (Reund to three decimal places.)