At the end of the year 2016 Brown Bear Corporation paid dividends $3.56 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
2017 15%
2018 15%
2019 15%
2020 9%
2021 7%
2022 4%
From year 2023 onward growth in dividends is expected to remain constant at 3% per year. The required rate of return for this stock is 10.63%.
Calculate the economic value of the stock now (end of the Year 2016).