Berkshire-Hathaway is going to begin paying a dividend of $1.25 per share at the end of this year. For the first three years, the dividends will grow by 20%. For the next two years, the dividends will grow by 10% and then reach a perpetual growth of 3% forever. The required return is 7.5%.

a) What is the intrinsic value of Berkshire-Hathaway?

b) If the first five years dividend grows by 15% the entire time, but everything else remains the same, what would the intrinsic value of the stock be?

Please show detailed workings.