You work for a pharmaceutical company that has developed a new drug. The patect on the thug will last 17 years. You expect that the drug's profits will be 51 milion in as firit year and that this. ameunt will grow at a rate of 2% per year for the next 17 years. Once the patent expies, othec phamaceitical companies will be able to produce the same drug and competfion will likoly drive prefits to zaro. What is the present yalue of the new drug if the interest rate is 8B per year? The present value of the new drug is 5 millon. (Round to three decimal places.)