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At the end of the year 2016 Brown Bear Corporation paid dividends $2.64 per share
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At the end of the year 2016 Brown Bear Corporation paid dividends $2.64 per share. The company projects the following annual growth rates in dividends:

            Year    Growth Rate

           2017   12%

           2018   12%

           2019   12%

           2020   10%

           2021   7%

           2022   6%
 

From year 2023 onward growth in dividends is expected to remain constant at 2% per year. The required rate of return for this stock is 11.88%.

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

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