You work for a pharmaceutical company that has developed a new drug. The patent on the drug will last for 17 years. You expect that the drug's profits will be 4 million in its first year and that this amount will grow at a rate of 6% per year for the next 16 years. Once the patent expires, other pharmaceutical companies will be able to produce the same drug and competition will likely drive profits to zero. If the interest rate is 10% per year, the present value of the new drug is million. (Please write numbers only, no "$", no ",", no "million", round to two decimal places. I.e. write $1,234,567 as 1.23)