a.Calculate the arithmetic average return on the S&P 500 from 1926 to 1989 b.Replace the actual returns from 1990 to 2014 with the average return from (a). How much would $100 invested in the S&P 500 at the end of 1925 have grown to by the end of 2014? (Hint: Use the actual returns from 1926 to 1989 and then continue the growth at the assumed rate.) $100 invested in the S&P 500 at the end of 1925 would have grown to $.? C. Do the same for small stocks The arithmetic average return of the small stocks from 1926 to 1989 is what percent? $100 invested in the small stocks at the end of 1925 would have grown to $.? Yearly returns from 1926-2014 for the S&P 500, small stocks, corporate bonds, world portfolio, Treasury bills, and inflation (as measured by the CPI)
Year	S&P 500	Small Stocks	Corp Bonds	World Portfolio	Treasury Bills	CPI
1926	0.11138	-0.072	0.06285	0.228	0.03194	-0.01188
1927	0.37126	0.25754	0.0655	0.25326	0.03125	-0.02163
1928	0.43308	0.46872	0.03377	0.33463	0.03824	-0.01229
1929	-0.08907	-0.50467	0.04321	-0.07692	0.04737	0.00746
1930	-0.25257	-0.45583	0.06343	-0.22574	0.02347	-0.0642
1931	-0.43858	-0.50216	-0.0238	-0.39305	0.01023	-0.09235
1932	-0.08861	0.08696	0.12198	0.0303	0.00806	-0.10465
1933	0.52895	1.872	0.05255	0.66449	0.00293	0.00974
1934	-0.02341	0.25209	0.09728	0.02552	0.00155	0.01286
1935	0.47208	0.64739	0.0686	0.22782	0.00165	0.03175
1936	0.32801	0.87508	0.0622	0.19283	0.00175	0.01231
1937	-0.35258	-0.53403	0.02546	-0.1695	0.00319	0.0304
1938	0.33199	0.26275	0.04357	0.05614	0.00041	-0.0295
1939	-0.0091	0.00184	0.04247	-0.01441	0.00008	0
1940	-0.10082	-0.1234	0.04512	0.03528	-0.00058	0.00912
1941	-0.11767	-0.13728	0.01788	0.18744	0.00042	0.0994
1942	0.21076	0.52504	0.03119	0.01189	0.00262	0.09041
1943	0.25758	1	0.03365	0.19895	0.0034	0.02764
1944	0.19694	0.60408	0.03101	-0.1024	0.00321	0.02445
1945	0.36461	0.82665	0.03512	0.11032	0.00321	0.02148
1946	-0.0818	-0.12608	0.02558	-0.15124	0.00352	0.18224
1947	0.0524	-0.02658	0.0045	0.03196	0.00461	0.08893
1948	0.05099	-0.06609	0.03707	-0.0573	0.00979	0.02904
1949	0.18065	0.21502	0.04327	0.05421	0.01106	-0.02116
1950	0.30579	0.45908	0.01891	0.25477	0.01213	0.05946
1951	0.24553	0.09767	-0.0021	0.22446	0.01483	0.06122
1952	0.18501	0.06472	0.03427	0.15822	0.01642	0.00641
1953	-0.01099	-0.05985	0.02061	0.04838	0.0178	0.00796
1954	0.52404	0.65232	0.04658	0.49823	0.00863	-0.0079
1955	0.31429	0.2211	0.01075	0.24739	0.01555	0.00478
1956	0.06627	0.03459	-0.01792	0.06581	0.02422	0.02853
1957	-0.10853	-0.15053	0.04469	-0.06017	0.03129	0.02928
1958	0.43344	0.70923	0.00849	0.34456	0.01415	0.01796
1959	0.11904	0.1868	0.00157	0.23303	0.02815	0.01765
1960	0.00483	-0.05004	0.06722	0.03492	0.02582	0.01301
1961	0.26811	0.30836	0.03681	0.20778	0.02159	0.00713
1962	-0.08784	-0.1295	0.06204	-0.06212	0.02724	0.01275
1963	0.22691	0.18093	0.03167	0.15381	0.03151	0.01678
1964	0.16358	0.19405	0.03988	0.11247	0.03518	0.00963
1965	0.12356	0.36365	0.02082	0.09832	0.03962	0.01907
1966	-0.10105	-0.07302	-0.00255	-0.10116	0.04705	0.03476
1967	0.23942	0.77916	-0.01162	0.21283	0.04147	0.03101
1968	0.11002	0.47611	0.22457	0.13941	0.05294	0.04637
1969	-0.08466	-0.32219	-0.02459	-0.03858	0.06591	0.06228
1970	0.03986	-0.04503	0.11179	-0.01984	0.06383	0.05524
1971	0.14325	0.16347	0.09682	0.19567	0.04317	0.03312
1972	0.18936	0.04222	0.08323	0.23547	0.03891	0.03413
1973	-0.14791	-0.35936	0.02987	-0.14506	0.07059	0.087
1974	-0.26539	-0.27327	0.00233	-0.2448	0.08078	0.12328
1975	0.3725	0.82769	0.11039	0.34493	0.05821	0.06962
1976	0.23675	0.57116	0.14557	0.14712	0.05156	0.04824
1977	-0.07388	0.19915	0.0551	0.02002	0.05152	0.0672
1978	0.0644	0.2042	0.01833	0.18216	0.07308	0.09035
1979	0.18353	0.39698	-0.01558	0.12671	0.1069	0.13308
1980	0.32266	0.29141	-0.04976	0.27721	0.11523	0.12521
1981	-0.05053	0.14617	0.08977	-0.03305	0.14856	0.08912
1982	0.21483	0.3225	0.34898	0.11272	0.10664	0.03797
1983	0.225	0.48048	0.07317	0.2328	0.08847	0.03833
1984	0.06152	-0.02495	0.17103	0.05773	0.09956	0.03943
1985	0.31648	0.29125	0.29486	0.4177	0.07677	0.03793
1986	0.18603	0.05908	0.20913	0.42799	0.06057	0.01089
1987	0.05171	-0.09204	-0.01578	0.16764	0.05384	0.04423
1988	0.16608	0.20288	0.13793	0.2395	0.06323	0.0442
1989	0.31686	0.01488	0.1531	0.17194	0.08221	0.04656
1990	-0.03104	-0.36325	0.08606	-0.16517	0.0768	0.061
1991	0.30466	0.41799	0.15869	0.18966	0.05507	0.03081
1992	0.07619	0.22075	0.10642	-0.0466	0.03401	0.02897
1993	0.10079	0.13792	0.14662	0.23129	0.02899	0.02755
1994	0.0132	-0.01096	-0.02435	0.05584	0.0388	0.02652
1995	0.37578	0.20056	0.21991	0.21318	0.05532	0.02555
1996	0.2296	0.21511	0.04239	0.13993	0.05145	0.03322
1997	0.33363	0.3208	0.10847	0.16227	0.05082	0.01688
1998	0.28579	-0.11975	0.10908	0.24795	0.04781	0.01607
1999	0.21042	-0.0126	-0.03037	0.25354	0.04561	0.02697
2000	-0.09104	-0.0249	0.11694	-0.12928	0.05756	0.03384
2001	-0.11886	0.32781	0.11461	-0.16521	0.03779	0.01563
2002	-0.22101	-0.05624	0.11181	-0.19541	0.01634	0.02357
2003	0.28685	0.69151	0.09229	0.33761	0.01018	0.0188
2004	0.10882	0.31392	0.0651	0.15247	0.012	0.03275
2005	0.04911	0.03988	0.07734	0.10023	0.02963	0.03417
2006	0.15795	0.26379	0.04167	0.20652	0.04786	0.02526
2007	0.05494	-0.111	0.04742	0.09566	0.04675	0.04086
2008	-0.36998	-0.45864	0.13449	-0.40334	0.01474	0.00101
2009	0.26464	1.12127	0.00018	0.30793	0.00097	0.02709
2010	0.15064	0.3361	0.07972	0.12339	0.00122	0.01496
2011	0.02112	-0.07155	0.14703	-0.05017	0.00043	0.02967
2012	0.16003	0.21311	0.04513	0.16537	0.00057	0.01733
2013	0.32388	0.50814	-0.03067	0.27365	0.00028	0.01518
2014	0.13688	-0.04541	0.11658	0.05504	0.00016	0.00748