At the end of the year 2016 Brown Bear Corporation paid dividends $2.64 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
2017 12%
2018 12%
2019 12%
2020 10%
2021 7%
2022 6%
From year 2023 onward growth in dividends is expected to remain constant at 2% per year. The required rate of return for this stock is 11.88%.
Calculate the economic value of the stock now (end of the Year 2016).