15. Visa Company of USA is expecting to receive cash dividends from a Dinner (European) joint venture over the coming three years. The first dividend to be paid December 31, 2011, is expected to be $360,000. The dividend is then expected to grow 12.0% per year over the following two years. The current exchange rate (25 June 2021) is $1.3603/. Visa's weighted average cost of capital is 10% Required: a) What is the present value of the expected euro dividend stream if the euro is expected to appreciate 3% per annum against the dollar? b) What is the present value of the expected dividend stream if the euro were to depreciate 4% per annum against the dollar