Grenouille Properties$($U$.$S$.)$ expects to receive cash dividends from a French joint venture over the coming three years. The first$$ dividend, to be paid one year from now on December$31,$ is expected to be euro$760,000.$ The dividend is then expected to grow $9\mathrm{.}7\%$ per year over the following two years. The current exchange rate is $$$$1\mathrm{.}1867=$ euro $1\mathrm{.}00.$Grenouille$\text{'}$s weighted average cost of capital is $13\%.$

a$.$ What is the present value of the expected euro dividend stream if the euro is expected to appreciate $3\mathrm{.}90\%$ per annum against the$$ dollar?

b$.$ What is the present value of the expected dividend stream if the euro were to depreciate $3\mathrm{.}10\%$ per annum against the$$ dollar?