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	$124,000	$11,000	$98,000	$248,000

Assume cash flows after year 4 will grow at

3%

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

$nothing.

(Round to the nearest dollar.)