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:

	Year 1	Year 2	Year 3	Year 4
Free Cash Flow	$149,000	$10,000	$80,000	$171,000

Assume cash flows after year 4 will grow at 3% 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 $ enter your response here.

(Round to the nearest dollar.)