Your company is considering an investment project in China which has an initial cost of 13,870,000CNY. The project is expected to return a one-time payment of 19,780,000CNY five years from now. The risk-free rate of return is 2.1 percent in the U.S. and 3.5 percent in China. The inflation rate is 1.9 percent in the U.S. and 3.5 percent in China. Currently, you can buy 702.16CNY for $100. How much will the payment five years from now be worth in U.S. dollars?

$2,978,873

$2,815,066

$2,736,470

$2,627,849

$2,581,553