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Microsoft raises dividend 16 percent to 36 cents

Microsoft is raising its quarterly dividend 16 percent to 36 cents a share.

The Redmond, Washington, company said Tuesday it will pay the new rate Dec. 10 to shareholders of record Nov. 19.

Microsoft Corp. last September increased its dividend to 31 cents from 28 cents.

Shares of the technology giant closed trading at $43.98, up 94 cents, or 2.2 percent. For the year to date, Microsoft shares are down about 5 percent.