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(Quantitative Question) You work for a pharmaceutical company that has developed a new drug. The...

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(Quantitative Question) You work for a pharmaceutical company that has developed a new drug. The patent on the drug will last 13 years. You expect that the drug's profits will be $2 million in its first year and that this amount will grow at a rate of 4,1% per year till the patent expires in 13 years. Once the patent expires other pharmaceutical companies will be able to produce the same drug and competition will likely drive profits to zero. What is the present value in millions of dollars) of the profits from the new drug If the interest rate is 8.6% per year? (Round your answer to two decimal places.) Write the answer both in the space provided and on the empty pages on which you will also show your work (including timelines)

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