III. The spot exchange rate for the Thai bhat is 33.135 bhat to the dollar. The Host Hotel Company will be able to repatriate profits from its luxury resort hotel in Phuket in five years. It has estimated the five-year forward rate at 38 bhat to the dollar. The risk-free rate in the United States is 4% and Host Hotel Company uses an 11% risk premium for investments of this type. If the expected accumulated profits after five years are 100 million bhat, what is the present value in US dollars