Apple Inc. dividend is expected to grow at 10% per year for the next four years and then continue to grow at 5% per year thereafter. Its current dividend is $1 per share. 1. Apple inc. has a required return of 14% per annum. Estimate the price that an investor would pay for shares in Apple Inc. Show your working, 2. Explain in your own words in what circumstances it would be the most important to use a multi-stage dividend model rather than a constant growth model. 3. Describe in your own words two reasons why the price to earnings ratio of Apple Inc could increase,