Microsoft:

Estimate Microsoft's cost of capital in a changing market environment.

Discuss the implicit assumptions that make the Weighted Average Cost of Capital (WACC) a useful discount rate in corporate settings.

Evaluate individual components of the WACC for their tendency to change more slowly or more dramatically than other attributes.

Use the results for competitors in the industry as a reality check, especially when market conditions for the subject company are unusual or "noisy."

Apply long-term costs in the WACC calculation, under the implicit assumption that the WACC is being used for long-term decisions.

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