After all foreign and U.S. taxes, a U.S. corporation expects to receive 2 pounds of dividends per share from a British subsidiary this year. The exchange rate at the end of the year is expected to be $2.03 per pound, and the pound is expected to depreciate 7% against the dollar each year for an indefinite period. The dividend (in pounds) is expected to grow at 9% a year indefinitely. The parent U.S. corporation owns 7 million shares of the subsidiary. What is the present value in dollars of its equity ownership of the subsidiary? Assume a cost of equity capital of 16% for the subsidiary. Round your answer to the nearest cent. Do not round intermediate steps.