The spot exchange rate today is 125 = $1. The U.S. discount rate is 10%; inflation over the next three years is 3% per year in the U.S. and 2% per year in Japan. There is a project that requires an initial investment of 1,000,000, and generates 500,000 each year in the following 3 years. Find the dollar cash flows to compute the dollar-denominated NPV of this project. Exchange rate in year 1 = ________(Round your answer to 2 decimal places) Exchange rate in year 2 = ________ (Round your answer to 2 decimal places) Exchange rate in year 3 = ________ (Round your answer to 2 decimal places)

Once you have the exchange rates for the next three years, find dollar cash flows to compute the dollar-denominated NPV = $_____