Grenouille Properties (U.S.) is planning to invest US $ 9,000,000 into a French joint venture and expects to receive cash dividends from it over the life of the joint venture. The first dividend, to be paid April 15, 2021, is expected to be 820,000. The dividend is then expected to grow 10.0% per year over the following two years. After that the dividend is expected to grow at the 2% rate forever. The current exchange rate (April 15, 2019) is $1.09/. Grenouilles weighted average cost of capital applicable to foreign projects is 15%. What is the NPV of investment if the euro is expected to appreciate 5.00% per annum against the dollar for the next three years and remain stable afterwards.