APEX Company paid a 1.50 dividend per share this year. Over the next two years, dividends and earnings are expected to grow at a rate of 12%. After two years, the company is expected to grow at a constant rate of 5%.

Additional information: Risk-free rate of return - 4.5% Equity risk premium. -5.0% Beta coefficient -0.9

1. Estimate the required rate of return on equity using the CAPM. 2. Estimate the expected future dividend at the end of year 1 3. Estimate the expected future dividend at the end of year 2. 4. Estimate the expected future dividend at the end of year 3. 5. Assume that a dividend discount model (DDM) is an appropriate choice for valuing the APEX Company.Using a two-stage dividend discount model, estimate the company's value per share.