At the beginning of $2012$ investors had invested $$25,000$ of common equity in Grant Corp. and expect to earn a return of $11\%$ per year. In addition, investors expect Grant Corp. to pay out $100\%$ of income in dividends each year. Forecasts of Grant's net income are as follows:

$2012-$$$3,500$

$2013-$$$3,200$

$2014-$$$2,900$

$2015$ and beyond $-$$$2,750$

Using this information, what is Grant's residual income valuation at the beginning of $2012?$