You are valuing a firm experiencing high growth. You expect the firm's growth will moderate to a steady state after five years. Expected cash flows during the high-growth stage are \($2,000\) (Year 20X1), \($3,000\) (Year 20X2), \($4,000\) (Year 20X3), \($5,000\) (Year 20X4), and \($6,000\) (Year 20X5). After five years, you expect the firm to be in a steady state, with a growth of cash flows of 5 percent per year, on average. Assume a required rate of return of 10 percent. 

Required 

Value the firm as of January 1, 20X1, using a two-stage model and the mid-year discounting convention.