PicoPharma AB only have one shareholder and for the first three years the board of the company have no plans to give the owner of the company any dividend, but from year 4 and onward (as long as the company exists) the board plan to give the shareholder a dividend of 250 000 SEK each year. If the cost of capital is 12% what is the value of this cash flow stream. Use one decimal place accuracy for the answer. (Hint: The formula for perpetuity can be a useful start in order to calculate the sum of present value of these dividends.).