You work for a technology company that has developed a new product. The patent on the product will last 7 years. You expect that the product's profits will be $2 million in its first year and that this amount will grow at a rate of 5% per year for the next 7 years. Once the patent expires, other companies will be able to produce the same product and competition will likely drive profits to zero. What is the present value of the new product if the interest rate is 12% per year