Foreign Investment Analysis

Chapman, Inc.$\text{'}$s Mexican subsidiary, V$.$ Gomez Corporation, is expected to pay to Chapman $60$ pesos in dividends in $1$ year after all foreign and U$.$S$.$ taxes have been subtracted. The exchange rate in $1$ year is expected to be $0\mathrm{.}15$ dollars per peso. After this, the peso is expected to depreciate against the dollar at a rate of $6\%$ a year forever due to the different inflation rates in the United States and Mexico. The peso$-$denominated dividend is expected to grow at a rate of $9\%$ a year indefinitely. Chapman owns $5$ million shares of $V.$ Gomez. What is the present value of the dividend stream, in dollars, assuming V$.$ Gomez's cost of equity is $15\%?$ Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $$1,23$ million should be entered as $1\mathrm{.}23,$not$1,230,000.$ Round your answer to two decimal places.

$5$ million