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You work for a pharmaceutical company that has developed a new drug. The patent on...

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You work for a pharmaceutical 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 million in its first year and that this amount will grow at a rate of 6% per year for the next 17 years. Once the patient expires, other pharmaceutical companies wil be able to produce the samo drug and competition will likely drive profita to zero. What is the prosent value of the new drug if the interest rate is 10% per year? The present value is million (Round to two decimal places)

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