Microsoft is expected to pay a dividend in year one of three dollars a dividend in year two or four dollars in dividends in year three of five dollars after year three dividends are expected to grow at a rate of 7% per year expected market return is 12% the risk-free rate is 6%. Has made up of 1.0 the current market price of the stock in the market is $70 the company is using them multistage DDM to estimate the intrinsic value determine whether the stock is under Valeur overvalued?