At the beginning of 2017, investors had invested $25,000 of common equity in Grant Corp. and expect to earn a return of 11% per year. In addition, investors expect Grant Corp. to pay out 100% of income in dividends each year. Forecasts of Grant's net income are as follows: 2017: $3,500 2018: $3,200 2019: $2,900 2020 and beyond: $2,750 (no growth) Use this information to compute Grant Corp.'s expected residual income for the year 2017?