At the beginning of 2017, investors have invested $25,000 of common equity in Grant Corp and expected 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

2017: $3,500

2018: $3,200

2019: $2,900

2020 and beyond $2,750 (no growth)

Use the information to compute Grant Corp's expected continuing value, based on expected residual income in the year 2020 and beyond