Future Return on Book Equity Number of Years Returns Will Continue 10% 15% 20% 25% 5 Years 30% of Earnings 10 Years are Reinvested 20 Years 30 Years Number of Years Returns Will Continue 10% 15% 20% 25% 5 Years 70% of Earnings 10 Years are Reinvested 20 Years 30 Years Number of Years Returns Will Continue 10% 15% 20% 25% 5 Years 100% of Earnings 10 Years are Reinvested 20 Years 30 Years