My country is Turkey. Time Period 1995-2000.
The following pages contain annual data on interest rates, inflation rates, and percentage change in exchange rates (based on indirect quotes) for foreign countries, including the US, for the period 1995 - 2007 Each one of you is assigned to a foreign country and a six-year time period (1995-2000 or 2000-2006). Please consult the attached list to determine your assigned country and time period. Please use the attached sheets to answer the questions listed based on calculations using the data for the assigned country and the US during the assigned time period. Use geometric instead of arithmetic averages. Use exact instead of the approximate method. Please answer the following five questions: Q1. During the assigned time period: US dollar appreciated / depreciated (choose one) in real terms against the currency of foreign country. Q2. During the assigned period, what was the average uncovered rate of return from the US viewpoint for the foreign country? Q3. During the assigned period, what was the average uncovered rate of return from the foreign country's viewpoint? Q4. Based on your answers to questions 2 and 3, given perfect hindsight about interest rates and exchange rate changes during the assigned time period you should have: Invested/ borrowed (choose one) in the US and invested / borrowed (choose one) in foreign country. Q5. Assume that you could both borrow and invest at the average interest rates prevailing in foreign country and in the US during the assigned time period. Also assume that you have a line of credit for one million dollars in the US or an equivalent amount in foreign country. Given perfect hindsight about interest rates and exchange rate changes, please calculate your total profit in dollars using uncovered interest arbitrage during the assigned time period if you followed the strategy chosen in Q4. Consumer Price Index Percent change from year ago 1995 1996 Australia 4.6 2.6 Austria 1.6 1.8 Canada 2.1 1.6 Chile 8.2 7.4 China 17.1 8.3 Denmark 21 2.1 Euro Area 26 21 Finland 1.1 France 21 Germany Greece 7.9 Indonesia 9.4 8.0 1997 0.2 1.2 1.6 6.1 2.8 2.2 1.7 1.2 1.3 1.5 5.4 6.2 1.3 9.0 1.9 1.8 2007 2.3 22 2.1 4.4 4.8 1.7 2.1 1.6 1.6 Ireland Israel Italy 2.0 Japan 1998 0.9 0.8 1.0 5.1 -0.9 1.8 12 1.3 0.7 0.6 4.5 58.4 2.1 5.5 2.0 0.7 7.5 5.3 15.9 1.8 1.3 2.3 9.7 -0.3 6.9 1.8 -0.3 0.0 8.1 84.6 1.6 1.5 2006 3.5 1.7 2.0 3.4 1.5 1.9 2.2 1.3 1.9 1.8 3.3 13.1 27 2.1 22 02 1999 1.5 0.5 1.7 3.3 -1.4 2.5 1. 1 1.3 0.6 0.6 2.1 20.5 2.5 5. 2 1.7 -0.3 0.8 2.7 16.6 2.0 -0.1 2.3 6.7 0.0 5.2 22 0.5 0.8 0.3 64.9 1.3 2. 2 2000 4.5 2.0 2.7 3.8 0.3 2.9 2 2 2.9 1.8 1.4 2.9 3.7 5.3 1.1 2.6 -0.7 2.3 1.5 9.5 2.3 2.6 3.1 -0.2 1.4 5.3 3.5 0.9 1.6 1.6 54.9 0.8 3.4 2001 4.4 2.3 2.5 3.6 0.5 2.4 2.4 2.7 1.8 1.9 3.7 11.5 4.0 1.1 2.3 -0.8 4.0 1.4 6.4 5.1 2.6 3.0 6.8 1.0 5.7 2.8 2.4 1.0 1.7 54.4 1.2 2.8 2002 3.0 1.7 2.3 2.5 -0.8 2.4 2.3 2.0 1.9 1.4 3.9 11.9 4.7 5.7 26 -0.9 2.8 1.8 5.0 - 3.9 2.7 1.3 3.0 -0.4 9.2 3.6 2.2 0.6 0.6 45.0 1.3 1.6 2003 2.8 1.3 2.8 2.8 1.2 2.1 2.1 1.3 2.2 1.0 3.4 6.6 4.0 0.7 28 -0.2 3.5 1.0 4.5 2.2 1.8 2.5 3.6 0.5 5. 9 3.1 1.9 0.6 1.8 21.6 1.4 2.3 2004 2.3 2.0 1.9 1.1 3.9 1.2 2.1 0.1 2.3 1.8 3.0 6.2 2.3 -0.4 23 -0.0 3.6 1.5 4.7 1.4 2.3 0.5 5.9 1.6 1.4 3.1 0.4 0.8 2.8 8.6 1.3 2.7 2005 2.7 2.1 2.2 3.0 1.8 1.8 2.2 0.8 1.9 1.9 3.5 10.5 22 1.3 22 -0.3 2.8 3.0 4.0 1.5 3.0 1.5 7.6 0.5 3.4 3.4 0.5 1.2 4.6 8.2 2.1 3.4 10.0 5.4 -0.1 4.5 3.4 35.0 1.4 3.8 24 8.0 1.7 8.7 4.6 25 1.8 5.8 89.1 27 2.7 2.8 Korea 11.3 4.0 0.1 4.9 3.5 34.4 1.5 23 12 9.0 1.4 7.4 3.6 0.5 0.8 5.8 80.4 25 2.9 Malaysia Mexico Netherlands New Zealand 1.7 3.4 2.3 Norway Philippines Singapore South Africa 2.7 20.6 1.9 1.2 2.6 5.9 2.0 8.6 1.9 0.7 0.5 5.6 85.7 1.8 2.3 Spain Sweden Switzerland 3.6 1.4 1.1 4.6 9.6 23 3.2 0.7 2.2 Thailand Turkey United Kingdom United States 2.9 2007 - 10.1 Australia Canada -5.3 Chile China Denmark Israel Japan -1.5 -4.6 -8.4 -8.4 -0.2 -7.8 1.2 2.6 6.3 0.3 Korea Exchange Rates Percent appreciation (+) or depreciation (-) of the U.S. dollar against the local currency 1995 1996 1997 1998 1999 2000 2001 2002 -1.3 -5.3 5.3 18. 1 2 .4 11.0 12.5 -4.9 -0.7 16 71 0.1 0.0 4.3 1.4 -5.6 3.9 1.7 9.8 10.5 6.1 17.7 8.5 -3.1 -0.4 -0.2 -0.2 -0.3 0.0 0.0 0.0 -11.8 3.5 13. 9 1.4 4.2 15.9 2. 9 5 .3 Euro Area -8.7 2.3 13.9 1.6 4.4 15.5 3.1 .5.3 Indonesia 4.1 4.2 24.2 244. 2 21.6 7.2 21.8 -9.3 0.0 6.0 8.1 10.2 8.9 -1.5 3.1 12.7 -7.9 15.6 11.3 8.0 -13.1 -5.2 12.7 3.1 4.2 4.2 18.5 472 -15.3 4.9 14.2 3.2 4.4 0.3 12.0 39.3 3.2 0.0 0.0 0.0 Mexico 90.2 18.4 4.2 15.4 4.6 -1.1 .1.2 3.4 New Zealand -9.5 4.6 3.8 23.4 1.4 15. 9 8.7 9.5 -10.2 1. 9 9.6 6.6 3.3 12. 9 2.1 -11.2 Philippines 2.7 2.0 12.4 38.8 -4.4 13.1 15.4 1.2 Singapore 7.2 0.5 5.4 12.5 1.4 1.8 3.9 0.1 South Africa 2.1 18.5 72 20.0 10.6 13.6 24.2 21.9 Sweden -7.5 -6.0 13.9 4.1 3.9 11.0 12.7 -6.0 Switzerland -13.5 4.6 17.3 .0.1 3.7 12.5 -0.1 7.8 -0.9 1.7 22.5 33.0 -8.3 6.2 10.7 3.3 54.8 77.6 86. 6 717 60.6 49.3 96.0 22.0 United Kingdom -2.9 1.1 4.7 -1.2 2.4 6.7 5.3 4.2 United States -5.6 4.5 7.7 4.8 -1.6 4.9 6.0 -1.5 Venezuela 19.0 136.1 17. 1 1 2.0 10.6 12.3 6.5 60.4 Malaysia 2003 2004 2005 -16.7 11.5 -3.4 -10.8 -71 6.9 0.4 -11.8 -82 0.0 0.0 -1.0 16.6 -9. 0 0.1 -16.5 9.0 -0.1 7.9 4.2 8.6 -3.9 -1.6 0.1 -7.5 -6.7 1.8 4.7 3.9 -10.6 0.0 0.0 0.3 11.7 4.6 -3.4 -20.2 124 5.7 -11.4 4.8 4.4 5.0 3.4 -1.7 2.7 3.0 -1.5 282 -14.7 -1.4 -16.9 9.1 17 13.6 7.6 0.3 3.4 3.1 -0.1 -0.4 -5.0 -5.7 -8.1 -10.8 0.7 -12.3 -3.2 -1.9 38.4 17.7 10.5 2006 1.2 -6.4 5.3 -27 -0.9 -0.9 -5.6 -0.7 5.6 -6.8 3.2 0.0 8.4 -0.5 6.8 4.6 6.4 1.3 0.6 -5.9 6.3 -1.3 -1.5 2.7 Norway -8.7 10.1 5.2 4.2 -8.4 -4.3 -15.0 -8.8 -7.9 -5.6 0.0 Thailand Turkey Percent appreciation (+) or depreciation (-) of the U.S. dollar against a group of currencies International Economic Trends Reference Tables 2005 5.6 3.5 3.9 3.3 2.2 2006 6.0 4.3 5.1 3.3 3.1 2007 6.7 4.8 5.6 3.3 4.3 0.0 3.4 2.5 0.2 4.2 32 0.7 4.8 3.4 Short-Term Interest Rates Annual percent 1995 1996 1997 Australia 7.7 72 5.4 Canada 5.9 3.1 4. 6 Chile 13.7 13.5 12.0 China 10.4 9.0 8.6 Denmark 6.1 3.9 3.7 Euro Area 6.8 5.1 4.4 Indonesia 16.7 17.3 20.0 Israel 14.4 15.3 13.4 Japan 12 0.6 0.6 Korea 126 124 13.3 Malaysia 5.5 6.4 6.4 Mexico 48.2 32.9 22.3 New Zealand 9.0 9.3 7.7 Norway 5.5 49 3.7 Philippines 11.8 123 12.9 Singapore 2.6 2.9 4.4 South Africa 13.5 15.0 15.3 Sweden 8.7 5.8 4. 1 Switzerland 29 2 0 16 Thailand 10.3 2.1 21.7 Turkey 72.3 76.2 70.3 United Kingdom 6.7 6.0 6.8 United States 5.9 5.4 5.6 Venezuela 49.0 45.0 45.0 1998 5.0 5.0 14.9 4.6 4.1 4.0 39.1 11.3 0.7 15.0 6.9 271 7.3 5.8 15.0 5.0 16.5 4.2 15 2.6 74.6 73 5.5 60.0 1999 5.0 5.2 8.6 3.2 3.3 3.0 25.7 11.4 0.2 5.0 3.5 24.6 4.8 6.5 10.0 2.0 12.9 3.1 14 1.2 73.5 5.4 5.3 38.0 2000 6.2 5.8 92 3.2 4.9 4.4 12.5 8.8 0.2 5.2 2.9 17.2 6.5 6.7 9.9 2.6 10. 1 4.0 3.2 1.7 38. 9 6.1 6.5 38.0 2001 4.9 2.1 6.2 3.2 4.6 4.3 15.5 6.5 0.1 4.7 2.8 13.4 5.7 7.2 9.7 2.0 9 .7 4.0 2.9 2.1 9 2.4 5.0 3.7 37.0 2002 4.7 2.9 3.8 2.7 3.5 3.3 15.5 74 0.1 4.2 2.7 8.5 5.7 6.9 5.5 1.0 11.2 4.1 1.1 1.6 59.5 4.0 1.7 40.0 2003 4.9 2.7 2.7 2.7 2.4 2.3 10.6 70 0.0 4.0 2.8 7.2 5.4 4.1 5. 9 0.7 10.7 3. 0 0.3 1.0 38.5 3.7 1.2 28.5 2004 5.5 2.6 1.9 3.3 2.1 2.1 6.4 4.8 0.0 3.7 2.4 74 6.1 2.0 .3 1.0 7.5 21 0.5 1.8 23.8 4.6 1.6 28.5 7 2.3 6.9 17 0.8 3.8 15.6 4.7 3.5 28.5 3.5 73 23 1.6 4.9 17.9 4.8 5.2 28.5 2.7 9.1 3.6 2.6 3.2 18.2 6.0 5.3 28.5 "The actual value for 2003 is 0.037, the actual value for 2004 is 0.029, the actual value for 2005 is 0.029. The following pages contain annual data on interest rates, inflation rates, and percentage change in exchange rates (based on indirect quotes) for foreign countries, including the US, for the period 1995 - 2007 Each one of you is assigned to a foreign country and a six-year time period (1995-2000 or 2000-2006). Please consult the attached list to determine your assigned country and time period. Please use the attached sheets to answer the questions listed based on calculations using the data for the assigned country and the US during the assigned time period. Use geometric instead of arithmetic averages. Use exact instead of the approximate method. Please answer the following five questions: Q1. During the assigned time period: US dollar appreciated / depreciated (choose one) in real terms against the currency of foreign country. Q2. During the assigned period, what was the average uncovered rate of return from the US viewpoint for the foreign country? Q3. During the assigned period, what was the average uncovered rate of return from the foreign country's viewpoint? Q4. Based on your answers to questions 2 and 3, given perfect hindsight about interest rates and exchange rate changes during the assigned time period you should have: Invested/ borrowed (choose one) in the US and invested / borrowed (choose one) in foreign country. Q5. Assume that you could both borrow and invest at the average interest rates prevailing in foreign country and in the US during the assigned time period. Also assume that you have a line of credit for one million dollars in the US or an equivalent amount in foreign country. Given perfect hindsight about interest rates and exchange rate changes, please calculate your total profit in dollars using uncovered interest arbitrage during the assigned time period if you followed the strategy chosen in Q4. Consumer Price Index Percent change from year ago 1995 1996 Australia 4.6 2.6 Austria 1.6 1.8 Canada 2.1 1.6 Chile 8.2 7.4 China 17.1 8.3 Denmark 21 2.1 Euro Area 26 21 Finland 1.1 France 21 Germany Greece 7.9 Indonesia 9.4 8.0 1997 0.2 1.2 1.6 6.1 2.8 2.2 1.7 1.2 1.3 1.5 5.4 6.2 1.3 9.0 1.9 1.8 2007 2.3 22 2.1 4.4 4.8 1.7 2.1 1.6 1.6 Ireland Israel Italy 2.0 Japan 1998 0.9 0.8 1.0 5.1 -0.9 1.8 12 1.3 0.7 0.6 4.5 58.4 2.1 5.5 2.0 0.7 7.5 5.3 15.9 1.8 1.3 2.3 9.7 -0.3 6.9 1.8 -0.3 0.0 8.1 84.6 1.6 1.5 2006 3.5 1.7 2.0 3.4 1.5 1.9 2.2 1.3 1.9 1.8 3.3 13.1 27 2.1 22 02 1999 1.5 0.5 1.7 3.3 -1.4 2.5 1. 1 1.3 0.6 0.6 2.1 20.5 2.5 5. 2 1.7 -0.3 0.8 2.7 16.6 2.0 -0.1 2.3 6.7 0.0 5.2 22 0.5 0.8 0.3 64.9 1.3 2. 2 2000 4.5 2.0 2.7 3.8 0.3 2.9 2 2 2.9 1.8 1.4 2.9 3.7 5.3 1.1 2.6 -0.7 2.3 1.5 9.5 2.3 2.6 3.1 -0.2 1.4 5.3 3.5 0.9 1.6 1.6 54.9 0.8 3.4 2001 4.4 2.3 2.5 3.6 0.5 2.4 2.4 2.7 1.8 1.9 3.7 11.5 4.0 1.1 2.3 -0.8 4.0 1.4 6.4 5.1 2.6 3.0 6.8 1.0 5.7 2.8 2.4 1.0 1.7 54.4 1.2 2.8 2002 3.0 1.7 2.3 2.5 -0.8 2.4 2.3 2.0 1.9 1.4 3.9 11.9 4.7 5.7 26 -0.9 2.8 1.8 5.0 - 3.9 2.7 1.3 3.0 -0.4 9.2 3.6 2.2 0.6 0.6 45.0 1.3 1.6 2003 2.8 1.3 2.8 2.8 1.2 2.1 2.1 1.3 2.2 1.0 3.4 6.6 4.0 0.7 28 -0.2 3.5 1.0 4.5 2.2 1.8 2.5 3.6 0.5 5. 9 3.1 1.9 0.6 1.8 21.6 1.4 2.3 2004 2.3 2.0 1.9 1.1 3.9 1.2 2.1 0.1 2.3 1.8 3.0 6.2 2.3 -0.4 23 -0.0 3.6 1.5 4.7 1.4 2.3 0.5 5.9 1.6 1.4 3.1 0.4 0.8 2.8 8.6 1.3 2.7 2005 2.7 2.1 2.2 3.0 1.8 1.8 2.2 0.8 1.9 1.9 3.5 10.5 22 1.3 22 -0.3 2.8 3.0 4.0 1.5 3.0 1.5 7.6 0.5 3.4 3.4 0.5 1.2 4.6 8.2 2.1 3.4 10.0 5.4 -0.1 4.5 3.4 35.0 1.4 3.8 24 8.0 1.7 8.7 4.6 25 1.8 5.8 89.1 27 2.7 2.8 Korea 11.3 4.0 0.1 4.9 3.5 34.4 1.5 23 12 9.0 1.4 7.4 3.6 0.5 0.8 5.8 80.4 25 2.9 Malaysia Mexico Netherlands New Zealand 1.7 3.4 2.3 Norway Philippines Singapore South Africa 2.7 20.6 1.9 1.2 2.6 5.9 2.0 8.6 1.9 0.7 0.5 5.6 85.7 1.8 2.3 Spain Sweden Switzerland 3.6 1.4 1.1 4.6 9.6 23 3.2 0.7 2.2 Thailand Turkey United Kingdom United States 2.9 2007 - 10.1 Australia Canada -5.3 Chile China Denmark Israel Japan -1.5 -4.6 -8.4 -8.4 -0.2 -7.8 1.2 2.6 6.3 0.3 Korea Exchange Rates Percent appreciation (+) or depreciation (-) of the U.S. dollar against the local currency 1995 1996 1997 1998 1999 2000 2001 2002 -1.3 -5.3 5.3 18. 1 2 .4 11.0 12.5 -4.9 -0.7 16 71 0.1 0.0 4.3 1.4 -5.6 3.9 1.7 9.8 10.5 6.1 17.7 8.5 -3.1 -0.4 -0.2 -0.2 -0.3 0.0 0.0 0.0 -11.8 3.5 13. 9 1.4 4.2 15.9 2. 9 5 .3 Euro Area -8.7 2.3 13.9 1.6 4.4 15.5 3.1 .5.3 Indonesia 4.1 4.2 24.2 244. 2 21.6 7.2 21.8 -9.3 0.0 6.0 8.1 10.2 8.9 -1.5 3.1 12.7 -7.9 15.6 11.3 8.0 -13.1 -5.2 12.7 3.1 4.2 4.2 18.5 472 -15.3 4.9 14.2 3.2 4.4 0.3 12.0 39.3 3.2 0.0 0.0 0.0 Mexico 90.2 18.4 4.2 15.4 4.6 -1.1 .1.2 3.4 New Zealand -9.5 4.6 3.8 23.4 1.4 15. 9 8.7 9.5 -10.2 1. 9 9.6 6.6 3.3 12. 9 2.1 -11.2 Philippines 2.7 2.0 12.4 38.8 -4.4 13.1 15.4 1.2 Singapore 7.2 0.5 5.4 12.5 1.4 1.8 3.9 0.1 South Africa 2.1 18.5 72 20.0 10.6 13.6 24.2 21.9 Sweden -7.5 -6.0 13.9 4.1 3.9 11.0 12.7 -6.0 Switzerland -13.5 4.6 17.3 .0.1 3.7 12.5 -0.1 7.8 -0.9 1.7 22.5 33.0 -8.3 6.2 10.7 3.3 54.8 77.6 86. 6 717 60.6 49.3 96.0 22.0 United Kingdom -2.9 1.1 4.7 -1.2 2.4 6.7 5.3 4.2 United States -5.6 4.5 7.7 4.8 -1.6 4.9 6.0 -1.5 Venezuela 19.0 136.1 17. 1 1 2.0 10.6 12.3 6.5 60.4 Malaysia 2003 2004 2005 -16.7 11.5 -3.4 -10.8 -71 6.9 0.4 -11.8 -82 0.0 0.0 -1.0 16.6 -9. 0 0.1 -16.5 9.0 -0.1 7.9 4.2 8.6 -3.9 -1.6 0.1 -7.5 -6.7 1.8 4.7 3.9 -10.6 0.0 0.0 0.3 11.7 4.6 -3.4 -20.2 124 5.7 -11.4 4.8 4.4 5.0 3.4 -1.7 2.7 3.0 -1.5 282 -14.7 -1.4 -16.9 9.1 17 13.6 7.6 0.3 3.4 3.1 -0.1 -0.4 -5.0 -5.7 -8.1 -10.8 0.7 -12.3 -3.2 -1.9 38.4 17.7 10.5 2006 1.2 -6.4 5.3 -27 -0.9 -0.9 -5.6 -0.7 5.6 -6.8 3.2 0.0 8.4 -0.5 6.8 4.6 6.4 1.3 0.6 -5.9 6.3 -1.3 -1.5 2.7 Norway -8.7 10.1 5.2 4.2 -8.4 -4.3 -15.0 -8.8 -7.9 -5.6 0.0 Thailand Turkey Percent appreciation (+) or depreciation (-) of the U.S. dollar against a group of currencies International Economic Trends Reference Tables 2005 5.6 3.5 3.9 3.3 2.2 2006 6.0 4.3 5.1 3.3 3.1 2007 6.7 4.8 5.6 3.3 4.3 0.0 3.4 2.5 0.2 4.2 32 0.7 4.8 3.4 Short-Term Interest Rates Annual percent 1995 1996 1997 Australia 7.7 72 5.4 Canada 5.9 3.1 4. 6 Chile 13.7 13.5 12.0 China 10.4 9.0 8.6 Denmark 6.1 3.9 3.7 Euro Area 6.8 5.1 4.4 Indonesia 16.7 17.3 20.0 Israel 14.4 15.3 13.4 Japan 12 0.6 0.6 Korea 126 124 13.3 Malaysia 5.5 6.4 6.4 Mexico 48.2 32.9 22.3 New Zealand 9.0 9.3 7.7 Norway 5.5 49 3.7 Philippines 11.8 123 12.9 Singapore 2.6 2.9 4.4 South Africa 13.5 15.0 15.3 Sweden 8.7 5.8 4. 1 Switzerland 29 2 0 16 Thailand 10.3 2.1 21.7 Turkey 72.3 76.2 70.3 United Kingdom 6.7 6.0 6.8 United States 5.9 5.4 5.6 Venezuela 49.0 45.0 45.0 1998 5.0 5.0 14.9 4.6 4.1 4.0 39.1 11.3 0.7 15.0 6.9 271 7.3 5.8 15.0 5.0 16.5 4.2 15 2.6 74.6 73 5.5 60.0 1999 5.0 5.2 8.6 3.2 3.3 3.0 25.7 11.4 0.2 5.0 3.5 24.6 4.8 6.5 10.0 2.0 12.9 3.1 14 1.2 73.5 5.4 5.3 38.0 2000 6.2 5.8 92 3.2 4.9 4.4 12.5 8.8 0.2 5.2 2.9 17.2 6.5 6.7 9.9 2.6 10. 1 4.0 3.2 1.7 38. 9 6.1 6.5 38.0 2001 4.9 2.1 6.2 3.2 4.6 4.3 15.5 6.5 0.1 4.7 2.8 13.4 5.7 7.2 9.7 2.0 9 .7 4.0 2.9 2.1 9 2.4 5.0 3.7 37.0 2002 4.7 2.9 3.8 2.7 3.5 3.3 15.5 74 0.1 4.2 2.7 8.5 5.7 6.9 5.5 1.0 11.2 4.1 1.1 1.6 59.5 4.0 1.7 40.0 2003 4.9 2.7 2.7 2.7 2.4 2.3 10.6 70 0.0 4.0 2.8 7.2 5.4 4.1 5. 9 0.7 10.7 3. 0 0.3 1.0 38.5 3.7 1.2 28.5 2004 5.5 2.6 1.9 3.3 2.1 2.1 6.4 4.8 0.0 3.7 2.4 74 6.1 2.0 .3 1.0 7.5 21 0.5 1.8 23.8 4.6 1.6 28.5 7 2.3 6.9 17 0.8 3.8 15.6 4.7 3.5 28.5 3.5 73 23 1.6 4.9 17.9 4.8 5.2 28.5 2.7 9.1 3.6 2.6 3.2 18.2 6.0 5.3 28.5 "The actual value for 2003 is 0.037, the actual value for 2004 is 0.029, the actual value for 2005 is 0.029
