A company currently has earnings (E) of $4.50 and a dividend (D.) of $0.45. The firm's current return on equity (ROE) is 40%. The firm will maintain the same dividend payout and ROE over the next two periods. Then it will transition in a linear reduction in years 3, 4, and 5 to a growth of 3%. The firm will then grow at 3% to perpetuity. The firm's beta is presently 1.5, but this will transition to 1 over the same period. The risk-free rate is 4% and the market risk premium is 6%. Constant growth ROE is expected to be 10%. What is the present value of this firm's equity using a three- stage model with linear transition in years 3, 4, and 5? O $82.18 O $76.38 $64.29 O $84.07