A U.S. corporation expects to receive 3 pounds of after-tax dividends per share from a British subsidiary this year. The exchange rate at the end of the year is expected to be $1.60 per pound, and the pound is expected to depreciate 5% against the dollar each year for an indefinite period. The dividend (in pounds) is expected to grow at 10% a year indefinitely. The parent U.S. corporation owns 10 million shares of the subsidiary. What is the present value, in dollars, of its equity ownership of the subsidiary? Assume a cost of equity capital of 15% for the subsidiary.