At the end of the year 2016 Brown Bear Corporation paid dividends $2.04 per share. The company projects the following annual growth rates in dividends:

YearGrowth Rate

201712%

201812%

201912%

202010%

20216%

20224%

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 8.93%.

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