On December $31,2050,$ General Industries Corp. $($GIC$)$ has just established two joint ventures in UK and South Korea, respectively. The joint venture projects are expected to generate cash flows for next two years in respective local currencies as follows:

At the end of $2051$ At the end of $2052$

JV in UK $($in British pound$)$ GBP $1,000,000$ GBP $1,000,000$

JV in South Korea $($in Korean won$)$ KRW $6,000,000,000$ KRW $6,000,000,000$

With its $50\%$ ownership of the joint ventures, GIC is entitled to $50\%$ of cash flows generated from the projects. Additionally, the expected exchange rates for next two years, on average, are as follows:

GBP$/$USD $=1\mathrm{.}20$ i$.$e$.,$ a pound is worth $1\mathrm{.}20$ dollar

USD$/$KRW $=1,250$ i$.$e$.,$ a dollar is worth $1,250$ won

Assume that the discount rate for all cash flows associated with the projects is $10\%.$ Determine the combined value available to GIC in terms of the present value as of December $2050.$

Answer $($show the steps$/$calculation toward your results$)$: