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In January 2 0 0 3 , Microsoft announced that it would begin paying a dividend of $ 0 . 1 6 per share. Given

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 companys return to its
shareholders over this period?

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