At the end of the year 2016 Brown Bear Corporation paid dividends $2.20 per share. The company projects the following annual growth rates in dividends:

YearGrowth Rate

201713%

201813%

201913%

20209%

20217%

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 9.22%.

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