ForMicrosoft (http://www.microsoft.com/msft/reports/ar05/staticversion/10k_fr_cas.html), the underlying project cash flows would have been as follows: Microsoft has no debt, so

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ForMicrosoft (http://www.microsoft.com/msft/reports/ar05/staticversion/10k_fr_cas.html), the underlying project cash flows would have been as follows:image text in transcribed

Microsoft has no debt, so all cash flows accrue to equity holders.

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