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 Grants net income are as follows: 2012 - $3,500 2013 - $3,200 2014 - $2,900 2015 and beyond - $2,750 Using this information, what is Grants residual income valuation at the beginning of 2012?