You work for a pharmaceutical company that has developed a new drug The patent on the west 17 years you expect that the drug profits will be 53 million in its first year and that this amount will grow at a rate of op year for the next 17 years. Once the patient exples, other pharmaceutical companies will be able to produce the same drug and competition wilkely drive profits to zero What is the present value of the new drug the interest rate is 9% per year? The present value of the new drug is simion (Round to three decimal places)