9. (10 points) A U.S.-based construction company contemplates construction of a power plant in South Africa The company will recoup $ 150 million investment by receiving Rand (R) 300 million, R 375 million and R 400 million at the end of years 1, 2 and 3, Rand is expected to appreciate at 9% per year in the near term. Compute expected future spot exchange rates in order to find dollar- equivalent NPV and IRR ifcurrent spot rate is R4.75/S and S cost of capital is 10%. R/S (996 annual -appreciation)SCEs (millions) 4.75 R CFs (millions) Year aS proposed - 0 (S 150.00) 1 R300 2 R375 3 R400 NPVs IRRS