You work for a pharmaceutical company that has

developed a new drug. The patent on the drug will

last $19$ years. You expect that the drug's profits will

be $$4$ million in its first year and that this amount will

grow at a rate of $6\%$ per year for the next $19$ 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.$)$