A US company expects to receive cash dividends from a French subsidiary over the coming three years. The first dividend, to be paid one year from now on December 31 , 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 is $1.1940=1.00. The US company's weighted average cost of capital is 12%. What is the present value of the expected euro dividend stream if the euro is expected to appreciate 4.00% per annum against the dollar? A) $2,064,806 B) $2,261,839 C) $2,446,507 D) $2,086,691