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At the end of the year 2016 Brown Bear Corporation

/in /by

At the end of the year 2016 Brown Bear Corporation paid dividends
$2.20 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
2017 13%
2018 13%
2019 13%
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 9.22%.
Calculate the economic value of the stock now (end of the Year 2016).

 
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