You work for a pharritaceutical company that has developed a new drug. The patent on the drug will last 17 years. You expect that the drug's profits will be $2 milion in as frast year and that this amount will grow at a rale of 5% per year for the nexd 17 years. Once the patent expires, other pharmaceutical companies will be abie to produce the same drug and compeision will Ikey drive profits to ze. What is the present value of the new drug if the interest rate is 10% per year? The present value is million. (Round to two decimal places.)