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 720,000. The dividend is then expected to grow 10.0% per year over the following two years. The current exchange rate is $1.1940=1.00. Grenouille's weighted average cost of capital is 12%. What is the present value of the expected euro dividend stream if the euro is expected to appreciate 4.00% per annum against the dollar