At the end of the year 2011 the BRK Corporation paid dividends $0.25 per share. The company projects the following annual growth rates in dividends: Year Growth Rate 2012 15% 2013 15% 2014 15% 2015 13% 2016 11% 2017 9% From year 2018 onward growth in dividends is expected to remain constant at 7% per year. The stock has a beta of 1.0 and the current market price is $55. Currently the yield on 10-year Treasury notes is 5% and the market risk premium is 4% 13. Calculate the present value now (end of the Year 2011) of dividends during the period of declining growth (that is for years 2015 to 2017)