3 stage valuation

CFA Level II Equities
#1

dividend = $1

g = 12% for 2 years, 10% for 5 years, 5.5% thereafter

Ke = 9.25%

what is the stock value?

38.03

#2

Vt = (1)(1.12)^2(1.1)^5(1.055) / .0925 -.055 = 56.835628

V0 = CF/1+r^n + … (1.12)^2 + (1.1)^5 + 1.055 + 56.835628 / 1.0925^8 = 40.94

why am i so off?

#3

Power for terminal value is 7