When purchasing the rights to a royalty, depending on the sellers desired cash flows, Royalty Pharma can provide different types of payment schedules, such as an accelerated royalty or a synthetic royalty. In an accelerated royalty investment, Royalty Pharma provides the seller with the cash flow from a royalty over a shorter duration than the actual royalty.

For example, suppose the seller agrees to receive a fixed annual payment from Royalty Pharma for three years instead of 3% royalty on net sales over the course of 9 years. Assuming net sales of $1 billion per year, and a discount rate of 10%, what is the minimum acceptable fixed annual payment for this three-year agreement? Assume all cash flows including royalties occur at the end of the year so the first payment is made in exactly 1 year. (Note: Your answer should be expressed in units of millions of dollar.

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