In January 2003, Microsoft announced that it would begin paying a dividend of $0.21 per share. Given the following share prices for Microsoft stock in the recent past, how would a constant dividend of $0.21 per share per year have changed the company's return to its shareholders oer this period?

First day of trading	Closing share price
1998 (January 2)	$131.13
1999 (January 4)	$141.00
2000 (January 3)	$116.56
2001 (January 2)	$43.38
2002 (January 2)	$67.04
2003 (January 2)	$53.27

Calculate the shareholder return for EACH period without and with dividend below.