DATE 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 S&P 500 Index 90.19 107.46 95.10 96.11 107.94 135.76 122.55 140.64 164.93 167.24 211.28 242.17 247.08 277.72 353.40 330.22 417.09 435.71 466.45 459.27 615.93 740.74 970.43 1229.23 1469.25 1320.28 1148.08 879.82 1039.25 Gold Prices 139.30 133.80 160.45 207.83 455.08 594.92 410.09 444.30 389.36 320.14 320.81 391.23 486.31 418.49 409.39 378.16 361.06 334.80 383.35 379.29 387.44 369.00 288.74 291.62 282.37 271.45 275.45 347.50 376.10 2. Return Calculations: Calculate annual returns for each of the two securities for each of the 28 years from 1976 through 2003. Calculate the average annual return, the standard deviation of annual returns, and the correlation between the returns of the two securities during this period and fill in the table provided. (Note: all of these calculations are based on annual security returns not index values). Attach the spreadsheet showing all of the relevant calculations as Exhibit 1. S&P 500 Gold Average Annual Return Standard Deviation of Annual Returns Return Correlation(S&P,Gold) DATE 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 S&P 500 Index 90.19 107.46 95.10 96.11 107.94 135.76 122.55 140.64 164.93 167.24 211.28 242.17 247.08 277.72 353.40 330.22 417.09 435.71 466.45 459.27 615.93 740.74 970.43 1229.23 1469.25 1320.28 1148.08 879.82 1039.25 Gold Prices 139.30 133.80 160.45 207.83 455.08 594.92 410.09 444.30 389.36 320.14 320.81 391.23 486.31 418.49 409.39 378.16 361.06 334.80 383.35 379.29 387.44 369.00 288.74 291.62 282.37 271.45 275.45 347.50 376.10 2. Return Calculations: Calculate annual returns for each of the two securities for each of the 28 years from 1976 through 2003. Calculate the average annual return, the standard deviation of annual returns, and the correlation between the returns of the two securities during this period and fill in the table provided. (Note: all of these calculations are based on annual security returns not index values). Attach the spreadsheet showing all of the relevant calculations as Exhibit 1. S&P 500 Gold Average Annual Return Standard Deviation of Annual Returns Return Correlation(S&P,Gold)