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 760,000. The dividend is then expected to grow 10.5% per year over the following two years. The current exchange rate is $1.3811/. Grenouille's weighted average cost of capital is 11.5%. a. What is the present value of the expected dividend stream if the euro is expected to appreciate 4.10% per annum against the dollar? b. What is the present value of the expected dividend stream if the euro were to depreciate 3.10% per annum against the dollar? a. Assume that the euro is expected to appreciate 4.10% per annum against the dollar. Calculate the dividends in U.S. dollars for the next three years below: (Round to the nearest whole number for the dividends and round to four decimal places for the exchange rates.) Year 0 Year 2 Year 3 Year 1 760,000 Dividend stream expected from investment () Current and expected spot rate (S/) 1.3811 Dividends ($)