At the end of the year 2016 Brown Bear Corporation paid dividends $2.64 per share. The company projects the following annual growth rates in dividends:

YearGrowth Rate

201712%

201812%

201912%

202010%

20217%

20226%

From year 2023 onward growth in dividends is expected to remain constant at 2% per year. The required rate of return for this stock is 11.88%.

Calculate the economic value of the stock now (end of the Year 2016).