Bay Properties is considering starting a commercial real estate division. It has prepared the following four$-$year forecast of free cash flows for this division: $($Click on the following icon order to copy its

contents into a spreadsheet.$)$

Assume cash flows after year $4$ will grow at $4\%$ per year, forever. If the cost of capital for this division is $14\%,$ what is the continuation value in year $4$ for cash flows after year $4?$ What is the value today of

this division?

What is the continuation value in year $4$ for cash flows after year $4?$

The continuation value is $

$($Round to the nearest dollar.$)$