At the end of the year 2016 Brown Bear Corporation paid dividends $3.34 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
2017 13%
2018 13%
2019 13%
2020 10%
2021 7%
2022 5%
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 10.26%. Calculate the economic value of the stock now (end of the Year 2016).