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After all foreign and U$.$S$.$ taxes, a U$.$S$.$ corporation expects to receive $3$ pounds of dividends per share from a British subsidiary this year. The exchange rate at the end of the year is expected to be $$1\mathrm{.}32$ 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 $8\%$ a year indefinitely. The parent U$.$S$.$ corporation owns $8$ 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 $12\%$ for the subsidiary. Do not round intermediate calculations. Round your answer to the nearest dollar.

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