You work for a pharmaceutical company that has developed a new drug. The patent on the drug will last 17 yours. You expect that the drug's profits will be $3 milion in the first year and that this amount wil grow at a rate of 0% per year for the next 17 years. Once the potent expires, other pharmaceutical companies will be able to produce the same drug and competition willkaly drive profits to zero. What is the present value of the new drug if the interest rate is 11% per year The present value of the new drug is $32508074.421 milion (Round to the decimal places)