Emancipation Co. (South Africa) expects to receive cash dividends from an Irish joint venture over the coming three years. The first dividend, to be paid December 31, 2015, is expected to be 1,000,000. The dividend is then expected to grow 15% per year over the following two years. The current exchange rate (December 31, 2014) is ZAR 13/. Emancipation Co.'s weighted average cost of capital is 17.5%. a. What is the present value of the expected euro dividend stream if the euro is expected to appreciate 6% per annum against the South African rand (ZAR)? b. What is the present value of the expected dividend stream if the euro were to depreciate 5% per annum against the rand