Phalvet, Inc., a U.S.-based MNC, has screened several targets. Based on economic and political considerations, only one eligible target remains in Malaysia. Phalvet would like you to value this target and has provided you with the following information: Phalvet expects to keep the target for three years, at which time it expects to sell the firm for 500 million Malaysian ringgit (MYR) after deducting the amount for any taxes paid. Phalvet expects a strong Malaysian economy. Consequently, the estimates for revenues for the next year are MYR300 million. Revenues are expected to increase by 9% over the following two years. Cost of goods sold are expected to be 60% of revenues. Selling and administrative expenses are expected to be MYR40 million in each of the next three years. The Malaysian tax rate on the target's earnings is expected to be 30%. Depreciation expenses are expected to be MYR15 million per year for each of the next three years. The target will need MYR9 million in cash each year to support existing operations. The target's current stock price is MYR35 per share. The target has 11 million shares outstanding. Any cash flows remaining after taxes are remitted by the target to Phalvet, Inc. Phalvet uses the prevailing exchange rate of the Malaysian ringgit as the expected exchange rate for the next three years. This exchange rate is currently $.23. Phalvet's required rate of return on similar projects is 13%. Based on the information provided above, what is the (net present) value of the Malaysian target?