An MNC is considering establishing a two-year project in Canada with a $25 million initial investment. The firm's cost of capital is 11 percent. The required rate of return on this project is 16 percent. The project is expected to generate cash flows of C$13 million in Year 1 and C$28 million in Year 2, excluding the salvage value. Assume no taxes and a stable exchange rate of $.77 per Canadian dollar over the next two years. (1) Calculate the present value of cash flows, in U.S. dollars, for Years 1 and 2; (2) Calculate breakeven salvage value in U.S. dollars; (3) Calculate break-even salvage value in Canadian dollars.