An investment in China yields these expected after$-$tax renminbi cash flows $($in billions$).$

year

CF

$0$

$-498$

$1$

$151$

$2$

$302$

$3$

$251$

You know the following financial variables

Required Return US

$15\mathrm{.}00\%$

Required Return China

$11\mathrm{.}745\%$

Expected Inflation US

$6\mathrm{.}0\%$

Expected Inflation China

$3\mathrm{.}0\%$

Spot Rate

$ $0\mathrm{.}17$

Assume the international parity conditions hold. Calculate NPV by converting renminbi to dollars at expected future spot rates and discounting in dollars. $($X$.$XXX$)$