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Consider the following realized annual returns: Year-end 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 S&P 500 Realized Return 23% 24.7% 30.4% 9.0%

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Consider the following realized annual returns: Year-end 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 S&P 500 Realized Return 23% 24.7% 30.4% 9.0% -2.0% - 17.3% - 24.3% 31.9% 4.4% 7.4% IBM Realized Return 45% 26.7% 85.2% 23.1% 0.2% - 3.2% - 27.0% 27.5% -5.1% - 11.3% The average annual return on IBM from 1996 to 2005 is closest to: O A. 16.11% OB. 29% O C. 19.33% OD. 18.53%

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