At the end of the year 2020 Brown Bear Corporation paid dividends $3.83 per share. The company projects the following annual growth rates in dividends:

Year Growth Rate

2021 15%

2022 15%

2023 15%

2024 9%

2025 6%

2026 5%

From year 2027 onward growth in dividends is expected to remain constant at 3% per year. The required rate of return for this stock is 9.10%.

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