At the end of the year 2016 Brown Bear Corporation paid dividends $3.32 per share. The company projects the following annual growth rates in dividends: Year Growth Rate
2017 13%
2018 13%
2019 13%
2020 10%
2021 8%
2022 5%
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 11.47%.
Calculate the economic value of the stock now (end of the Year 2016).