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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:

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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).

 
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