1. Find the annual report of Microsoft for the fiscal year ending June 30, 2022 (latest report), and attach the link to the annual report below. 2.Please use the information from the annual report and assume Microsoft pay different amount of cash dividend in 2020 and 2021 but starting in 2022, the dividend stabilizes and grows at a 2% constant rate thereafter. The discount rate is 5%. Determine its value of equity in 2019 by using the DDM model (Show steps). 3.Please find the net cash flow from operating activities in 2022, 2021, 2020, and 2019. Assume there is no CAPEX and growth rate is 0%, and the discount rate is 6%. Determine Microsofts firm value in 2018 by using DCF Model (the forecast horizon period is 2019, 2020, 2021 and the terminal year is 2022) (Show steps) 4.Please find the operating income for 2022, 2021, and 2020. Assume operating income is equal to residual operating income and growth rate is 1% and the discount rate is 6%. Determine Microsofts firm value in 2019 by using ROPI Model (the forecast horizon period is 2020, 2021, and the terminal year is 2022) (Show steps) 5.Assume Apple is a comparable firm to Microsoft, and Apples market value is 2.35 trillion. Please find the annual report of Apple for the fiscal year ending in 2022 (attach the link to the annual report below) and use the net income multiple to determine Microsofts equity value in 2022. Is Microsoft overvalued? Why? (Show steps)