Nonconstant Dividend Growth Valuation

Assume that the average firm in C&J Corporation's industry is expected to grow at a constant rate of 5% and that its dividend yield is 6%. C&J is about as risky as the average firm in the industry and just paid a dividend (D₀) of $3. Analysts expect that the growth rate of dividends will be 50% during the first year (g_0,1 = 50%) and 20% during the second year (g_1,2 = 20%). After Year 2, dividend growth will be constant at 5%. What is the required rate of return on C&J's stock? What is the estimated intrinsic price per share? Do not round intermediate calculations. Round the monetary value to the nearest cent and percentage value to the nearest whole number.