Microsoft paid the following annual dividends over the last 5 years:

Year	Dividend
2012	0.26
2013	0.273
2014	0.2867
2015	0.301
2016	0.316

The next dividend is expected 12 months from now.

a. If you can expect a return of 8% from investments of similar risk, what is the intrinsic value of the stock?

b. If you can expect a return of 14% from investments of similar risk, what is the intrinsic value of the stock?