At the end of the year 2016 Brown Bear Corporation paid dividends $3.56 per share. The company projects the following annual growth rates in dividends:

YearGrowth Rate

201715%

201815%

201915%

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 10.63%.

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