ASSET	20 YEARS RETURN[1]	RANK	10 YEARS RETURN	RANK	5 YEARS RETURN	RANK	1 YEAR RETURN	RANK
Stocks	12.2%	1	14.8%	1	15.1%	1	11.6%	2
Bonds	9.8	2	13.2	2	13.1	2	14.8	1
Stamps	9.6	3	(1.7)	11	0.5	11	8.8	4
3-month Treasury bills	8.8	4	7.3	4	6.6	4	3.3	8
Diamonds	8.5	5	5.9	5	4.3	5	1.5	11
Oil	7.5	6	(4.7)	12	1.7	12	(6.3)	12
Gold	6.9	7	(1.0)	9	(4.2)	9	9.6	3
Housing	6.7	8	4.4	7	3.7	7	1.8	10
Consumer Price Index	6.1	9	3.8	8	4.2	8	3.3	7
Chinese ceramics	5.8	10	7.6	3	9.8	3	(7.5)	13
U.S. farmland	5.4	11	(1.2)	10	2.1	10	2.3	9
Foreign exchange	3.4	12	5.6	6	1.7	6	6.2	6
Silver	2.7	13	(10.1)	13	(8.5)	13	8.4	5

Use this data to answer the following questions:

1. (10 points) Suppose you invest $1,000 in each of the assets appearing in the above table in 1973. What is the terminal value of each asset in 1993? The terminal value of your total investment? The terminal value in real terms? Why may a small difference in reported return amount to a large difference in terminal wealth?

[1] Corresponds to years 1973-1993