You want to calculate the intrinsic value for company X.

Company X just paid a dividend of $2.10. The market risk premium is 2.5%. The 10-year t-note is 2.8%. Company's beta is 3.60.

Expected dividends to grow at a rate of 60% in first year, 50% in year 2, 30% in year 3, and 15% in year 4. After year 4, you expect dividends to grow at an annual rate of 5% indefinitely.

Requirement 1: What is the required rate of return for Company X?

Requirement 2: Using the required rate of return calculated in requirement 1, what is the intrinsic value of Company X?