After all foreign and u. s. taxes, a u. s. corporation expects to receive 2 pounds of dividends per share from a british subsidiary this year. the exchange rate at the end of the year is expected to be $1.29 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 11% for the subsidiary.