Valuation of an MNC Birm Co$.,$ based in Alabama, is considering several international opportunities in Europe that could affect the firm's value. Its valuation depends on four factors:$1)$ expected cash flows in dollars, $(2)$ expected cash flows in euros that are ultimately converted into dollars, $(3)$ the rate at which it can convert euros to dollars, and $(4)$ Birm's weighted average cost of capital. For each of the following opportunities,$$Advanced Questions$$a$.$ Birm plans a licensing deal in which it will sell technology to a firm in Germany for $$3$ million; the payment is invoiced in dollars, and this project has the same risk level as its existing businesses. b$.$Birm plans to acquire a large firm in Portugal that is riskier than its existing businesses.$$Birm plans to discontinue its relationship with a U$.$S$.$ supplier so that it can import a small amount of supplies $($denominated in euros$)$ at a lower cost from a Belgian supplier.$$Birm plans to export a small amount of materials to Ireland that are denominated in euros.