An investment will offer $534 per year forever, starting 2 years from today. If the relevant interest rate is 14% per year (as an EAR), the value of the investment today is $________.

Hint: All cash flows must be brought to the "year 0" point. Look carefully at the timing of these payments and compare that to what the PV Perpetuity formula assumes about timing. Use the PV Perpetuity formula first to summarize all the payments, determine where that value is, and then move that value to year 0.

Margin of error for correct responses: +/- .05