On March 13, 1986, Microsoft issued over 3 million shares at an issue price of $21 per share. By doing so, it raised $61 million during its Initial Public Offering (I.P.O.). Now, its market capitalization exceeds $1.42 trillion and its stock recently closed at approximately $190 per share. Since going public, Microsoft stock has split nine (9) times and began paying a dividend in 2003. The specifics of each split and annual dividend are identified below: Stock Splits Dividend Schedule 09/1987 2:1 2003 $0.24 per share 2012 $0.83 per share 04/1990 2:1 2004 $3.16 per share 2013 $0.97 per share 06/1991 3:2 2005 $0.32 per share 2014 $1.15 per share 06/1992 3:2 2006 $0.28 per share 2015 $1.29 per share 05/1994 2:1 2007 $0.14 per share 2016 $1.47 per share 12/1996 2:1 2008 $0.24 per share 2017 $1.56 per share 02/1998 2:1 2009 $0.52 per share 2018 $1.68 per share 03/1999 2:1 2010 $0.55 per share 2019 $1.84 per share 02/2003 2:1 2011 $0.68 per share 2020 $2.04 per share Note about Stock Splits: That is, two shares in exchange for one share as represented by the nomenclature 2:1 and three shares in exchange for two shares as represented by 3:2 During this period, the 30-year U.S. Treasury Bill interest rate averaged approximately 6%. Considering all years as full years, and that dividends paid are a part of the return of a stock, determine the TOTAL PROJECTED Rate of Return of the investment in Microsoft at the hypothetical sale/disposal of all shares at the end of 2020