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4) You are considering a project in Poland. The expected cash flows in Polish zloty (z) from the project are provided in the time line below. Suppose that in any given year there is a 55% chance that the Polish government will expropriate your assets. If your assets are expropriated in a particular year, then you will not receive that year's or any later year's cash flow from your investment. The discount rate for similar projects in the United States is 25%. The discount rate for similar projects in the Poland is 50%. Assume the parity conditions do not hold. The current spot rate is 3.2025 z/$. The dollar is expected to appreciate by 5% each year for the next four years. What is the NPV of expropriation risk from the project perspective? Show all necessary calculations to support your answer. -35,000,000z 50,000,000z 75,000,000z 95,000,000z 110,000,000z 0 2 3 4 4) You are considering a project in Poland. The expected cash flows in Polish zloty (z) from the project are provided in the time line below. Suppose that in any given year there is a 55% chance that the Polish government will expropriate your assets. If your assets are expropriated in a particular year, then you will not receive that year's or any later year's cash flow from your investment. The discount rate for similar projects in the United States is 25%. The discount rate for similar projects in the Poland is 50%. Assume the parity conditions do not hold. The current spot rate is 3.2025 z/$. The dollar is expected to appreciate by 5% each year for the next four years. What is the NPV of expropriation risk from the project perspective? Show all necessary calculations to support your answer. -35,000,000z 50,000,000z 75,000,000z 95,000,000z 110,000,000z 0 2 3 4