A company that just paid a dividend of $3.25 per share is expected to increase its dividend by 12% the next 8 years and then reduce its dividend growth rate by 2 percentage points per year until it reaches a dividend growth rate of 6%, which is expected to be maintained indefinitely. If dividends are paid annually and investors require a return of 14% on this stock, what is the dividend yield for this stock?

please have hand written answers using the appropriate equations