At the beginning of 2017, investors has invested $ 25,000 of common equity in Grant Corp and expected to earn 11% per year. Forecasts of Grant's net income are as follows

2017: $3,500

2018: $3,200

2019: $2,900

2020 and beyond $ 2,750 (no growth)

Use the information above to compute Grant Corp's expected residual income for the 2019, but assume that Grant pays zero dividends in 2017 and 2018.