Manis Inc expects to receive cash returns from a French project over the coming three years. The first return, to be paid December 31, 2021, is expected to be EUR 800,000. The return is then expected to grow 8.0% per year over the following two years. Manis's weighted average cost of capital is 10%.

The current exchange rate (Dec 31, 2020):MYR4.9289/EUR

What is the present value of the expected returns if the euro were to depreciate 3.00% per annum against the ringgit? (Show all calculations)