At the end of the year 2016 Brown Bear Corporation paid dividends $2.74 per share. The company projects the following annual growth rates in dividends:

YearGrowth Rate

201715%

201815%

201915%

202010%

20218%

20225%

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 11.47%.

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