Calculate how much an investor would have earned if he or she had invested $1 in the US (S&P 500), the Developed ex-US (EAFE), and the Emerging Market (EM) indexes in both local currency and US dollars from 1991 to 2012 (see Appendix B). Please do not forget show the formulas.

Appendix B Annual Returns of EAFE, EM, and S&P500 from 1991-2012 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 S&P 500 30,47% 7,62% 10,08% 1,32% 37,58% 22,96% 33,36% 28,58% 21,04% -9,10% -11,89% -22, 10% 28,68% 10,88% 4,91% 15,79% 5,49% -37,00% 26,46% 15,06% 2,11% 16,00% EAFE 9,06% -5,83% 29,56% -1,78% 9,83% 11,63% 13,82% 12,60% 33,82% -7,11% -16,04% -25,82% 20,78% 13,09% 29,54% 16,94% 3,97% 39,93% 25,36% 5,26% -11,74% 17,89% EAFE $ 12,50% -11,85% 32,94% 8,06% 11,55% 6,36% 2,06% 20,33% 27,30% -13,96% -21,21% -15,66% 39,17% 20,70% 14,02% 26,86% 11,63% -43,06% 32,46% 8,21% -11,73% 17,90% EM 71,05% 62,73% 112,61% 125,23% -12,49% 10,27% 14,67% -39,85% 70,83% 1,13% -28,67% 16,05% 25,11% 18,57% 31,59% 19,00% 40,84% -24,11% 10,88% 10,26% -7,86% 7,58% EM $ 28,80% 8,71% 38,92% 44,85% -19,12% 2,02% 3,98% -49,77% 61,43% -3,39% -35,70% 11,45% 36,11% 21,08% 39,62% 20,19% 48,32% -26,71% 8,67% 13,63% -8,91% 4,95% 2007 2008 2009 2010 2011 2012