At the end of the year 2020 Brown Bear Corporation paid dividends $3.32 per share. The company projects the following annual growth rates in dividends:

Year Growth Rate

2021 15%

2022 15%

2023 15%

2024 11%

2025 8%

2026 6%

From year 2027 onward growth in dividends is expected to remain constant at 2% per year. The required rate of return for this stock is 12.69%.

Calculate the economic value of the stock now (end of the Year 2020).