Calculating the value per share of firm stock

Question

Problem:

Assume that the average firm in your company's industry is expected to grow at a constant rate of 7% and that its dividend yield is 6%. Your company is about as risky as the average firm in the industry, but it has just successfully completed some R&D work that leads you to expect that its earnings and dividends will grow at a rate of 50% [D₁ = D₀(1 + g) = D₀(1.50)] this year and 20% the following year, after which growth should return to the 7% industry average.

Requirement:

Question: If the last dividend paid (D₀) was $3, what is the value per share of your firm's stock?

Note: Please explain comprehensively and give step by step solution.