To value Apex Software Ltd. (NYSE: AS) on your own, you decided to use a three- stage DDM with a linearly declining growth rate in Stage 2. You came up with the following information about AS. The lengths of Stage 1 (the growth stage) and Stage 2 (the transition stage) are estimated to be 4 years and 10 years, respectively. The growth rates in Stage 1 and Stage 3 are estimated to be 10 percent and 5 percent, respectively. The required return on equity for AS is estimated to be 10 percent. The firm has just paid dividend of $2.00 per share. Estimate the current value of the stock. 1) $60.00 2) $68.82 3) $75.55 4) $80.27 5) $82.72