Microsoft’s Dividend. In January 2003, Microsoft announced that it would begin paying a dividend of $0.16 per share. Given the following share prices for Microsoft stock in the recent past, how would a constant dividend of $0.16 per share per year have changed the company’s return to its shareholders over this period?

First Closing First Closing Trading Day Share Price Trading Day Share Price 1998 (Jan 2) $131.13 2001 (Jan 2) $43.38 1999 (Jan 4) $141.00 2002 (Jan 2) $67.04 2000 (Jan 3) $116.56 2003 (Jan 2) $53.72