Rise Industries, a U$.$S$.$ based international company, is evaluating projects in order to expand its foreign operations. Use information from the class lecture, the class discussion, and the textbook to answer the question below. Rise has identified a potential acquisition in Poland. The expect to keep the company for three years. The spot rate of the Polish Zloty is PZ$1=$ $$0\mathrm{.}26$ and the exchange rate is expected to be $$0\mathrm{.}25,$ $$0\mathrm{.}24,$ and $$0\mathrm{.}23$ at the end of the next three years, respectively.

The company would like to value the target with the following information:

Rise estimates that revenues for next year will be PZ $310,000,000.$ Revenues are expected to rise by $4\%$ per year for the following two years.

Cost of goods sold are expected to be $55\%$ of revenue.

Administrative expenses are expected to be PZ $65,000,000$ per year for the next three years.

Depreciation expenses are expected to be PZ $50,000,000$ per year for the next three years.

Earnings will be taxed at $18\%$ in Poland.

The target will need additional investment in net working capital of PZ $5,000,000,$ PZ $6,000,000,$ and PZ $7,000,000$ in years $1,2,$ and $3,$ respectively. Those amounts will not be recaptured when the target is sold in three years.

Rise expects to sell the company for PZ $375,000,000$ after$-$tax in three years.

Cash flows generated by the target will be remitted to Rise.

Currently, the target has $2,500,000$ shares outstanding at a price of PZ $125.$

What is the present value of the target for Rise if their required rate of return is $16\%?$