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You work for a pharmaceutical company that has doveioped a new drug. The patent on the drug will last 17 years. You expect that the

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You work for a pharmaceutical company that has doveioped a new drug. The patent on the drug will last 17 years. You expect that the drug's profts will be $4 million in its first yeaf and that thia profits to zero. What is the prosent vatue of the new drug if the intorest rate is 7% per year? The present valus of the new deug is? millon. (Round to three decimal places.)

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