Microsoft Corporation	2011	2010	2009
Net income..	$23,958	$18,846	-
Stockholders equity..	57,083	46,175	$39,558
Dividends....	5,394	4,547	-
Net common stock issued.	(7,656)	(7,682)	-

Use the information from above. Assume the free cash flow to common equity for Microsoft is for the terminal year. Also assume that Microsoft will grow at a constant rate of 3 percent and that Microsofts cost of equity is 8 percent. Computer Microsofts terminal value.