4. 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 average annual return to its shareholders over this period?

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