Problem 18-3 (algorithmic) Question Help Grenouille Properties. Grenouille Properties (U.S.) expects to receive cash dividends from a French joint venture over the coming three years. The first dividend, to be paid in one year, is expected to be 790,000. The dividend is then expected to grow 10.3% per year over the following two years. The current exchange rate is $1.3892/. Grenouille's weighted average cost of capital is 12.5%. a. What is the present value of the expected dividend stream if the euro is expected to appreciate 4.10% per annum against the dollar? b. What is the present value of the expected dividend stream if the euro were to depreciate 2.90% per annum against the dollar