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 in one year, is expected to be 710,000. The dividend is then expected to grow 9.9% per year over the following two years. The current exchange rate is $1.37767. Grenouille's weighted average cost of capital is 13.5%. a. What is the present value of the expected dividend stream if the euro is expected to appreciate 3.90% per annum against the dollar? b. What is the present value of the expected dividend stream if the euro were to depreciate 2.90% per annum against the dollar? a. Assume that the euro is expected to appreciate 3.90% per annum against the dollar. Calculate the dividends in U.S. dollars for the next three years below. (Round to the nearest whole number for the dividends and round to four decimal places for the exchange rates.) Year 0 Year 2 Year 3 Year 1 710,000 Dividend stream expected from investment (6) Current and expected spot rate (5/6) 1.3776 Dividends ($) $ S $