A company's plan is to pay out the dividend stated below next year, then increase it for 4 years at the short term growth rate mentioned below. The earnings estimate for the next year has also been provided, which represents what the company would have paid out if the plow-back ratio next year was 0%. After this initial high-growth period, the return on equity and the plow-back rate are estimated as follows. The investors' expected rate of return is also given. What is the Present Value of Growth Opportunities (PVGO)?

INFON GIVEN

Dividend Next Year in $s = 4,33

Earnings Next Year in $s = 7,22

Short Term (4yrs) Growth Rate (%) = 9,70

ROE after the short term growth (%) = 15,20

Plow-Back Ratio (%) = 40,00

Required Rate of Return (%) = 14,40