18.3 Grenouille Properties. Grenouille Properties (U.S.) expects to receive cash dividends from a French joint venture over the coming three years. The first dividend, to be paid December 31, 2011, is expected to be 720,000. The dividend is then expected to grow 10.0% per year over the following two years. The current exchange rate (December 30, 2010) is $1.3603/. Grenouille's weighted average cost of capital is 12%. a. What is the present value of the expected euro dividend stream if the euro is expected to appreci- ate 4.00% per annum against the dollar? b. What is the present value of the expected divi- dend stream if the euro were to depreciate 3.00% per annum against the dollar