You work for a research company that has developed a patent new software. The patent on the software will last 15 years. You expect that the software is profits will be $0.5 million in the first year end of this amount will grow at a rate of 3% per year for the next years. Once the patent expires other computer companies will be able to produce the same software and competition will likely drive profits to 0. What is the present value of the new software is the interest rate is 5% per year?