Grenouille Properties. Grenouille Properties (U.S.) expects to receive cash dividends from a French joint venture over the coming three years. The first dividend, to be paid one year from now on December 31, is expected to be 770,000. The dividend is then expected to grow 10.2% per year over the following two years. The current exchange rate is $1.2096 = 1.00. Grenouille's weighted average cost of capital is 10%. a. What is the present value of the expected euro dividend stream if the euro is expected to appreciate 4.10% per annum against the dollar? b. What is the present value of the expected dividend stream if the euro were to depreciate 3.10% per annum against the dollar? a. What is the present value of the expected euro dividend stream if the euro is expected to appreciate 4.10% per annum against the dollar? Calculate the dividends in U.S. dollars for the next three years below: (Round to the nearest whole number for the dividends and round to four decimal places for the exchange rates.) Dividend stream expected from investment () Current and expected spot rate ($/) Dividends ($) Year 0 1.2096 Year 1 Year 2 770,000 Year 3