Sunshine Company operates retail sunglass kiosks in shopping malls. Below is information related to the company. Required rate of return on equity...

Sunshine Company operates retail sunglass kiosks in shopping malls. Below is information related to the company. Required rate of return on equity (RE) is 8.5%. Assuming that steady-state growth in year 2022 and beyond will be 4% (i.e. g).

2017

2018

2019

2020

2021

2022

Dividends to Common Equity (in thousands)

$412

$478

$636

$827

$950

$1,284

Common Shares Outstanding (in thousands)

1,512

Calculate the present value of continuing value of Sunshine at the start of 2022using the perpetuity-with-growth model.