John Smith has been directed to determine the value of Widget's stock which is currently trading at $50. John believes that Widget's dividends will grow at 10% per year for the first three years and at 2% thereafter. Widget paid a dividend of $2.50 in the most recent year (DO). In addition the risk free rate is 3% and the expected market premium is 5%. John has estimated Widget's beta to be 0.8. The required rate of return for Widget (cost of equity) is %, the dividend paid in the first year (D1) is , the dividend paid in the second year (D2) is , the Price at end of high growth stage is