A U.S. MNC is considering a French opportunity. The size and timing of the after-tax cash flows are:

 The inflation rate in the eurozone is π€ = 3%, the inflation rate in dollars is p$ = 6% and the business risk of the investment would lead an unlevered U.S.-based firm to demand a return of Kud =  i$ = 15%. The current exchange rate is S0($/€) = $1.15/€. 

What is the NPV of the investment from the perspective of the U.S. shareholders?

-700 0 300 + 1 400 + 2 515 3