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 730,000. The dividend is then expected to grow 10.3% per year over the following two years. The current exchange rate is $1.3464 / . Grenouille's weighted average cost of capital is 13.5%. a. What is the present value of the expected dividend stream if the euro is expected to appreciate 3.80% per annum against the dollar? b. What is the present value of the expected dividend stream if the euro were to depreciate 2.90% per annum against the dollar? a. Assume that the euro is expected to appreciate 3.80% per annum against the dollar. Calculate the dividends in U.S. dollars for the next three years below: (Round to the nearest whole number for the dividends and round to four decimal places for the exchange rates.) Year 0 Year 1 Year 2 Year 3 Dividend stream expected from investment () 730,000 805,190 888,125 Current and expected spot rate ($/) 1.3464 1.3976 1.4507 1.5058 Dividends ($) $ 1,020,248 1,168,089 $ 1,337,339 The present value of the expected dividend stream if the euro is expected to appreciate 3.80% per annum against the dollar is $ (Round to the nearest dollar.)