Microsoft last paid dividend was $2.75. The dividend growth rate is expected to be constant at 2.5% for 2 years, after which dividends are expected to grow at a rate of 8.00% forever. Microsoft required return is 12%. What is the intrinsic value of Microsoft's stock? (Please provide work) 2) You are an analyst researching Apple, which was founded 10 years ago. It has been profitable for the last 5 years but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.50 dividend growth in year 4 and 25% dividend growth in year 5 and then to increase its dividend at a constant growth rate of 6.00% per year thereafter. Assuming a required of 15.00%, what is your estimate of the intrinsic value of Apple stock? (Please provide work)