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. I f 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 )