A U.S. company is considering a project in Great Britain that would require an investment today of 5 million Pounds. The project would last 4 years and it would generate after-tax cash flows of 1.8 million Pounds per year. The companys weighted average cost of capital is 10% per year, the U.S. risk-free interest rate is 5% per year, the British risk-free interest rate is 4% per year, and the spot exchange rate is 0.57 British Pounds per U.S. dollar. What is the net present value of the project in U.S. dollars? (I'm mainly trying to find the steps to the NPV in pounds)

1,496

2)

1,750,517

3)

997,795

4)

1,458,765

5)

2,100,621