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4. Foreign project valuation Frank F.X. Gong, chief economist for China at J.P. Morgan has forecast that the Yuan will rise to 7.74 Yuan/S by the end of 2005 and to 7.2 Yuan/S by the end of 2006. If the after-tax cashflows generated by the two-year, U.S. based project are $12 billion at the end of 2005 and $14 billion at the end of 2006, and the Chinese cost of capital is 15%, what is the NPV of this project in Yuan? Hint: Convert dollar cashflows into yuan cashflows and then calculate the NPV] (9 points)