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 2051At the end of 2052JV in UK (in British pound)GBP 1,000,000GBP 1,000,000JV in South Korea (in Korean won)KRW 6,000,000,000KRW 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 = 1.20i.e., a pound is worth 1.20 dollarUSD/KRW = 1,250i.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.