Question Help 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 $3 millon in its first year and that this amount will grow at a rate of 3% per year for the next 17 years. Once the patent expires, other pharmaceutical companies will be able to produce the same drug and competition will lkely drive profits to zero. What is the present value of the new drug if the interest rate is 12% per year? The present value of the new drug is Smilion (Round to three decimal places) Enter your answer in the answer box Save for Later W