14a. Microsoft Co. has the following projected sales, costs, net investment, and free cash flow in millions. The anticipated growth rate in free cash flows after year 6 is 5% per year forever. There are 7.43 billion shares outstanding, and investors require a return of 8% on the company's stock and a comparable P/E ratio of 21. Calculate the company stock price using the constant growth model to find the terminal value. (Round to 2 decimals)

($ in Billions)	1	2	3	4	5	6
Sales	232	244	256	269	282	296
Costs	120	126	132	139	146	153
Taxes	40	42	44	46	48	50
OCF (net income)	72	76	80	84	88	92
Net investment	50	53	55	58	61	64
FCF	22	23	25	26	27	28

14b. Microsoft Co. has the following projected sales, costs, net investment, and free cash flow in millions. The anticipated growth rate in free cash flows after year 6 is 5% per year forever. There are 7.43 billion shares outstanding, and investors require a return of 8% on the company's stock and a comparable P/E ratio of 21. Calculate the company stock price using the P/E comparable approach to find the terminal value. (Round to 2 decimals)

($ in Billions)	1	2	3	4	5	6
Sales	232	244	256	269	282	296
Costs	120	126	132	139	146	153
Taxes	40	42	44	46	48	50
OCF (net income)	72	76	80	84	88	92
Net investment	50	53	55	58	61	64
FCF	22	23	25	26	27	28