The current risk-free rate is 2.5%. The market risk premium is 5%. If CC's market beta is 1.5,

	Actual			Projected
	2015	Year +1	Year +2	Year +3	Year +4	Year +5
Comprehensive Income	$13,696	$27,990	$30,048	$32,252	$34,612	$37,138
Common Shareholders Equity:
Paid-In Capital	$8,626	$9,488	$10,438	$11,482	$12,630	$13,892
Retained Earnings	127,320	137,384	154,036	161,914	187,910	194,048
Accumulated Other Comprehensive Income	(5,376)	(5,376)	(5,376)	(5,376)	(5,376)	(5,376)
Total Common Equity	$130,570	$141,496	$159,098	$168,020	$195,164	$202,564

Interest-bearing debt	$130,000
Preferred stock	0
Interest expense per year	6%
Tax rate	30.00%
Number of common shares	5,000
Market price per common share	$79.00
Non-controllng interest	$25,000
Tax rate	30%
Steady-state growth rate	2.0%

What is the present value of CC's dividends from year+1 through year+5 excluding the continuing value. Ignore any mid-year discounting.

		$90,046
		$121,210
		$66,893
		$85,988