Grott and Perrin, Inc., has expected earnings of $3 per share for next year. The firm's ROE is 20%, and its earnings retention ratio is 70%. If the firm's market capitalization rate (cost of equity) is 15%, what is the present value of its growth opportunities (PVGO)? Assume that the stock price is effectively measured by the constantly growing dividend discount model. (Dividend in next year = EPS*(1-retention rate).)