Please answer showing work, preferably not in excel. Will rate!

2. Holt enterprises recently paid a dividend, Do, of $2.75. It expects to have a non-constant growth of 20% for 3 years followed by a constant rate of 5% thereafter. The investor in this stock requires a return of 12%. a) What is the firm's intrinsic value, Po, today? b) If the market price of the stock is S60 today, is the expected return to an investor who buys this stock at $60 greater than, equal to, or less than the 12% required return