1. Puyau Enterprises recently paid a dividend, D₀, of $3.00. It expects to have nonconstant growth of 15 percent for 2 years followed by a constant rate of 6 percent thereafter. The firms required return is 8 percent. What is the stocks intrinsic value today?

I know the answer is $186.88 but I don't get how to solve it. May I know step-by-step?

2. McClelland Enterprises invests a lot of money in R&D, and as a result it retains and reinvests all of its earnings instead of paying dividends. A pension fund manager is interested in purchasing McClellands stock and has estimated its free cash flows for the next 3 years as follows: $4 million, $7 million, and $12 million. After the 3rd year, FCF is projected to grow at a constant 9 percent. McClellands WACC is 15 percent, its debt and preferred stock total $40 million, and it has 2 million shares of common stock outstanding. What is the value of McClellands stock price?

I know the answer is $60.00 but I don't get how to solve it. May I know step-by-step?