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: Assume cash flows after year 4 will grow at 1% per year, forever. If the cost of capital for this division is 9%, 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.)