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At the end of the year 2 0 2 0 Brown Bear Corporation paid dividends $ 2 . 5 4 per share. The company projects

At the end of the year 2020 Brown Bear Corporation paid dividends $2.54 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
202112%
202212%
202312%
20249%
20257%
20264%
From year 2027 onward growth in dividends is expected to remain constant at 2% per year. The required rate of return for this stock is 12.49%.
Calculate the economic value of the stock now (end of the Year 2020).

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