Question: The total cost associated with development and approval for a new prescription drug was estimated to be $ 2 . 3 million in 2 0

The total cost associated with development and approval for a new prescription drug was estimated to be $2.3 million in 2013. Costs are expected to increase 10.5% each year through the year 2020. Find the uniform series equivalent to the given geometric series over the 8 year period with a 5.5% discount rate. (Assume end of year cash flows.)
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$ million
Carry all interim calculations to 5 decimal places and then round your final answer to 3 decimal places. Please enter your answer in millions of dollars. The tolerance is +-0.001.
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 The total cost associated with development and approval for a new

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