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At the end of the year 2 0 2 0 Brown Bear Corporation paid dividends $ 2 . 5 1 per share. The company projects

At the end of the year 2020 Brown Bear Corporation paid dividends $2.51 per share. The company projects the following annual growth rates in dividends:
Year Growth Rate
202115%
202215%
202315%
202410%
20258%
20265%
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 8.32%.
Calculate the economic value of the stock now (end of the Year 2020).

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