At the end of the year 2016 Brown Bear Corporation paid dividends $3.34 per share. The company projects the following annual growth rates in dividends:

Year Growth Rate

2017 13%

2018 13%

2019 13%

2020 10%

2021 7%

2022 5%

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 10.26%. Calculate the economic value of the stock now (end of the Year 2016).