$1.$ Assume that Apple's sales are expected to grow $5\%$ per year for the next $5$ years. EBIT margin per year will remain constant for the next $5$ years. The tax rate is $21\%.$ Depreciation per year will remain constant for the next $5$ years. Capital spending per year will remain constant for the next $5$ years. Changes in non$-$cash working capital as a percent of sales will be $2\%.$ Estimate the stocks intrinsic value. Show your detailed computations. Briefly explain your inputs and logic. $2.$ Determine a Price Target $1$ year from now and $5$ years from now using Relative Value Ratios. Show your computations. Briefly explain your inputs and logic. $3.$ Recommend an option hedging strategy based on your $1$ year price target. Assume you own $10000$ shares of the stock at the current market price. Select either a covered call strategy or a protective put strategy. Calculate the expected outcome in $1$ year assuming the stock attains your $1$ year price target.

$4.$ Recommend a Bull Call Spread or Bear Call Spread. Assume that you expect the stock to achieve your $1$ year price target. Calculate the expected outcome in $1$ year assuming the stock attains your $1$ year price target. Use $1000$ contracts for your option quantities.