Q5: You work for a cellphone manufacturing company that has developed a new product. The new cellphone production will l

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Q5: You work for a cellphone manufacturing company that has
developed a new product. The new cellphone production will last for
9 years. You expect that sales from the new product will generate
cash flows of $13,0 million from the first year and that this
amount will grow at a rate of 2.1% per year for the next 9 years.
If the cost of capital is 5.7% per year, what is the present value
of producing this cellphone? Round your answer to the nearest whole
number.