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Approximately 14 million Americans are addicted to drugs andalcohol. The federal government estimates that these addicts costthe U.S. economy $300 billion in medical expenses and lostproductivity. Despite the enormous potential market, many biotechcompanies have shied away from funding research and development(R&D) initiatives to find a cure for drug and alcoholaddiction. Your firm – Drug Abuse Sciences (DAS) – is a notableexception. It has spent $195 million to date working on a cure, butis now at a crossroads. It can either abandon its program or investanother $60 million today. Unfortunately, the firm’s opportunitycost of funds is 7 percent and it will take another five yearsbefore final approval from the Federal Drug Administration isachieved and the product is actually sold. Expected (year-end)profits from selling the drug are presented in the accompanyingtable.Year 1 $0Year 2 $0Year 3 $0Year 4 $0Year 5 $13,100,000Year 6 $15,200,000Year 7 $16,800,000Year 8 $18,300,000Year 9 $19,900,0001. What is the net present value of the project? Instruction:Round your answer to the nearest penny (2 decimal places). Use anegative sign (-) where appropriate.