Virginia Properties (U.S.) expects to receive cash dividends from a German joint venture over the coming three years. The first dividend, to be paid December 31, 2021, is expected to be 600,000. The dividend is then expected to grow 7.50% per year over the following two years. The current exchange rate is $1.256/. Virginias weighted average cost of capital is 10%. What is the present value of the expected dividend stream if the euro were to depreciate 3.00% per annum against the dollar?