You work for a pharmaceutical compary that has develoged a new drug. The patent on the drug will last 17 years. You axpect that the drug's profts will be $2 milen in its firs year and that this. amount will grow at a rate of 4 \% per year for the next 17 years. Once the palent expres, other phamaceutical corparies wir be able to produce the same drug and comention wa libely dive profts to zero. What is the present value of the new drug if the interest rate is 10 fis per yeac? The present value of ehe new drug is 1 milion (Round lo three decimal ptaces)