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At the end of the year 2016 Brown Bear Corporation paid dividends $2.74 per share

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At the end of the year 2016 Brown Bear Corporation paid dividends
$2.74 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
2017 15%
2018 15%
2019 15%
2020 10%
2021 8%
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 11.47%.
Calculate the economic value of the stock now (end of the Year 2016).

 
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