You work for a pharmaceutical company that has developed a new drug The patent on the drug wil last 17 years You expect that the drug's profits will be 53 milion in its styear and that is amount will grow at a rate of per year for the next 17 years. Once the potenties, the pharmaceutical companies will be able to produce the same drag and competition willkely dive profits to zero What is the present value of the new drug the interesirate is 9% per year? The present value of the new drug is $malon (Round to three decimal places)