You work for a pharmaceutical company that

has developed a new drug. The patent on

the drug will last $15$ years. You expect that

the drug's profits will be $$5$ million in its first

year and that this amount will grow at a rate

of $6\%$ per year for the next $15$ 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 $8\%$ per year?

The present value of the new drug is $

million. $($Round to three decimal places.$)$