You work for a pharmaceutical company that has developed a new

drug. The patent on the drug will last $17$ years. You expect that

the$$drug$\text{'}$s profits will be $1$ million in its first year and

that this amount will grow at a rate of $4\%$ per year for the next $17$

years. Once the patent$$expires$,$ other pharmaceutical

companies will be able to produce the same drug and competition

will likely drive profits to zero. What is the present value of the

new drug if the interest rate is$9\%$ per$$year$?$The present value of the new drug is $$$

$$ million.$($Round

to three decimal$$places$.)$