Microsoft paid the following annual dividends over the last 5 years: Year Dividend 2012 0.29 2013 0.3074 2014 0.3258 2015 0.3454 2016 0.3661 The next dividend is expected 12 months from now. Part 1 Based on the historical dividends, what is the expected growth rate of dividends? . Part 2 If you can expect a return of 8% from investments of similar risk, what is the intrinsic value of the stock? Part 3 If you can expect a return of 14% from investments of similar risk, what is the intrinsic value of the stock?