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The required rate of return for this stock is 1022

At the end of the year 2016 Brown Bear Corporation paid dividends $2.97 per share. The company projects the following annual growth rates in dividends:

Year Growth Rate

2017 15%

2018 15%

2019 15%

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 10.22%. Calculate the economic value of the stock now (end of the Year 2016).

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