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: Free cash flow Year 1 - $119,000 Year 2 $15,000 Year 3 $92,000 Year 4 $195,000 Assume cash flows after year 4 will grow at 4% per year, forever. If the cost of capital for this division is 11%, what is the continuation value in year 4 for cash flows after year 4? What is the value today of this division?