Please use the excel function data on stocks, bonds, bills to start discussion on time value First question Using the data and $100 invested in stocks, bonds and bills, confirm the values at 2011 Terminal value at 2011 $100(1 r1)(1 r2) (1 r84) where r1 actual return given for 1928 r2 actual return given for 1929 r84 actual return given for 2011 for stocks, bonds and bills Second Question Investing over 84 years is a little far fetched unless your grandfather was like Donald Trump's G PA Now consider dividing 1928 2011 to three sub period of 1928 56 (28 years), 1956 1984 28 yr) and 1984 2011 (27 yr) Let's see how investment of $100 in stocks, bonds, bills using again the actual returns provided in each asset class (stocks, bonds, bills) perform Compare, the future value of each investment as if in the second 28 years, and last 27 years you start with $100 investment in stocks, bonds, bills What are the lessons we learn in this exercise as far as your future contribution to your own 401K is concerned Annual returns stocks bonds bills compound value of $100 DATE VALUE GDP growth rate 1929 69 1970 1999 2000 2010 43 81 0 3458 7 2317E 08 Year Stocks T Bills T Bonds Stocks T Bills T Bonds skewness 1929 976 1 0 086159205 0 086159205 1 0 086159205 0 060599779 0 010796691 0 086159205 0 033565385 0 010796691 8 30 0 1753 9 42131E 09 1 1928 43 81 3 08 0 84 $143 81 $103 08 $100 84 7 2317E 08 1930 892 0 064798206 0 064798206 2 0 064798206 0 043716203 0 018134509 0 064798206 0 053135276 0 018134509 25 12 0 3435 7 08836E 08 2 1929 8 30 3 16 4 20 $131 88 $106 34 $105 07 9 42131E 09 1931 834 2 0 130664109 0 130664109 3 0 130664109 0 057865169 0 025409119 0 130664109 0 057926698 0 025409119 43 84 0 5307 2 61404E 07 3 1930 25 12 4 55 4 54 $98 75 $111 18 $109 85 7 08836E 08 1932 725 2 0 012961942 0 012961942 4 0 012961942 0 064200153 0 034681153 0 012961942 0 005516203 0 034681153 8 64 0 1787 9 9802E 09 4 1931 43 84 2 31 2 56 $55 46 $113 74 $107 03 2 61404E 07 1933 715 8 0 108829282 0 108829282 5 0 108829282 0 065178819 0 030709812 0 108829282 0 002108193 0 030709812 49 98 0 4075 1 18345E 07 5 1932 8 64 1 07 8 79 $50 66 $114 96 $116 44 9 9802E 09 1934 793 7 0 088824493 0 088824493 6 0 088824493 0 025272637 0 026578468 0 088824493 0 053636625 0 026578468 1 19 0 1042 1 97865E 09 6 1933 49 98 0 96 1 86 $75 99 $116 06 $118 60 1 18345E 07 1935 864 2 0 130525341 0 130525341 7 0 130525341 0 048410845 0 019130301 0 130525341 0 045981039 0 019130301 46 74 0 3751 9 23011E 08 7 1934 1 19 0 32 7 96 $75 09 $116 44 $128 05 1 97865E 09 1936 977 0 051279427 0 051279427 8 0 051279427 0 031066128 0 003369578 0 051279427 0 055777856 0 003369578 31 94 0 2271 2 04841E 08 8 1935 46 74 0 18 4 47 $110 18 $116 64 $133 78 9 23011E 08 1937 1027 1 0 034368611 0 034368611 9 0 034368611 0 001902212 0 030694657 0 034368611 0 031254407 0 030694657 35 34 0 4457 1 54844E 07 9 1936 31 94 0 17 5 02 $145 38 $116 84 $140 49 2 04841E 08 1938 991 8 0 08076225 0 08076225 10 0 08076225 0 033565385 0 023914594 0 08076225 0 00275209 0 023914594 29 28 0 2005 1 40964E 08 10 1937 35 34 0 30 1 38 $94 00 $117 19 $142 43 1 54844E 07 1939 1071 9 0 087694748 0 087694748 11 0 087694748 0 053135276 0 018073949 0 087694748 0 02538567 0 018073949 1 10 0 1033 1 92782E 09 11 1938 29 28 0 08 4 21 $121 53 $117 29 $148 43 1 40964E 08 1940 1165 9 0 170769363 0 170769363 12 0 170769363 0 057926698 0 173364361 0 015760396 0 170769363 0 019424617 0 173364361 0 015760396 10 67 0 199 1 37824E 08 12 1939 1 10 0 04 4 41 $120 20 $117 33 $154 98 1 92782E 09 1941 1365 0 184468864 0 184468864 13 0 184468864 0 005516203 0 184468864 0 045176358 12 77 0 22 1 86223E 08 13 1940 10 67 0 03 5 40 $107 37 $117 36 $163 35 1 37824E 08 1942 1616 8 0 163718456 0 163718456 14 0 163718456 0 002108193 0 163718456 0 071865468 19 17 0 0994 1 71761E 09 14 1941 12 77 0 08 2 02 $93 66 $117 46 $160 04 1 86223E 08 1943 1881 5 0 080786606 0 080786606 15 0 080786606 0 053636625 0 080786606 0 041375637 25 06 0 1583 6 93759E 09 15 1942 19 17 0 34 2 29 $111 61 $117 85 $163 72 1 71761E 09 1944 2033 5 0 011212196 0 011212196 16 0 011212196 0 045981039 0 011212196 0 034646521 19 03 0 098 1 64605E 09 16 1943 25 06 0 38 2 49 $139 59 $118 30 $167 79 6 93759E 09 1945 2010 7 0 109414632 0 109414632 17 0 109414632 0 055777856 0 109414632 0 031989266 35 82 0 2659 3 28792E 08 17 1944 19 03 0 38 2 58 $166 15 $118 75 $172 12 1 64605E 09 1946 1790 7 0 008990897 0 008990897 18 0 008990897 0 031254407 0 008990897 0 041111263 8 43 0 1766 9 63247E 09 18 1945 35 82 0 38 3 80 $225 67 $119 20 $178 67 3 28792E 08 1947 1774 6 0 044009918 0 044009918 19 0 044009918 0 00275209 0 044009918 0 03572837 5 20 0 0403 1 14467E 10 19 1946 8 43 0 38 3 13 $206 65 $119 65 $184 26 9 63247E 09 1948 1852 7 0 005181627 0 005181627 20 0 005181627 0 02538567 0 005181627 0 018770941 5 70 0 0353 7 6929E 11 20 1947 5 20 0 57 0 92 $217 39 $120 33 $185 95 1 14467E 10 1949 1843 1 0 087407086 0 087407086 21 0 087407086 0 019424617 0 087407086 0 002342066 18 30 0 0907 1 30493E 09 21 1948 5 70 1 02 1 95 $229 79 $121 56 $189 58 7 6929E 11 1950 2004 2 0 077387486 0 077387486 22 0 077387486 0 045176358 0 077387486 0 0339273 30 81 0 2158 1 7576E 08 22 1949 18 30 1 10 4 66 $271 85 $122 90 $198 42 1 30493E 09 1951 2159 3 0 038299449 0 038299449 23 0 038299449 0 071865468 0 038299449 0 02852657 23 68 0 1445 5 27678E 09 23 1950 30 81 1 17 0 43 $355 60 $124 34 $199 27 1 7576E 08 1952 2242 0 04603033 0 04603033 24 0 04603033 0 041375637 0 04603033 0 04073413 18 15 0 0892 1 24125E 09 24 1951 23 68 1 48 0 30 $439 80 $126 18 $198 68 5 27678E 09 1953 2345 2 0 006310762 0 006310762 25 0 006310762 0 034646521 0 006310762 0 025149214 1 21 0 1044 1 99006E 09 25 1952 18 15 1 67 2 27 $519 62 $128 29 $203 19 1 24125E 09 1954 2330 4 0 072004806 0 072004806 26 0 072004806 0 031989266 0 072004806 0 037398195 52 56 0 4333 1 42276E 07 26 1953 1 21 1 89 4 14 $513 35 $130 72 $211 61 1 99006E 09 1955 2498 2 0 019774237 0 019774237 27 0 019774237 0 041111263 0 019774237 0 044569161 32 60 0 2337 2 23225E 08 27 1954 52 56 0 96 3 29 $783 18 $131 98 $218 57 1 42276E 07 1956 2547 6 0 020097347 0 020097347 28 0 020097347 0 03572837 0 020097347 0 043551123 7 44 0 0179 1 00306E 11 28 1955 32 60 1 66 1 34 $1,038 47 $134 17 $215 65 2 23225E 08 1957 2598 8 0 009004156 0 009004156 29 0 009004156 0 018770941 0 009004156 0 048273916 10 46 0 1969 1 33507E 08 29 1956 7 44 2 56 2 26 $1,115 73 $137 60 $210 79 1 00306E 11 1958 2575 4 0 071717015 0 071717015 30 0 071717015 0 002342066 0 071717015 0 041380783 43 72 0 3449 7 17539E 08 30 1957 10 46 3 23 6 80 $999 05 $142 04 $225 11 1 33507E 08 1959 2760 1 0 024781711 0 024781711 31 0 024781711 0 0339273 0 024781711 0 988694005 0 032956467 12 06 0 0283 3 96392E 11 31 1958 43 72 1 78 2 10 $1,435 84 $144 57 $220 39 7 17539E 08 1960 2828 5 0 023298568 0 023298568 32 1 170101873 0 036565684 0 02852657 0 023298568 0 34 0 0889 1 22877E 09 32 1959 12 06 3 26 2 65 $1,608 95 $149 27 $214 56 3 96392E 11 1961 2894 4 0 060599779 0 060599779 33 0 04073413 0 060599779 26 64 0 1741 9 22916E 09 33 1960 0 34 3 05 11 64 $1,614 37 $153 82 $239 53 1 22877E 09 1962 3069 8 0 043716203 0 043716203 34 0 025149214 0 043716203 8 81 0 1804 1 02678E 08 34 1961 26 64 2 27 2 06 $2,044 40 $157 30 $244 46 9 22916E 09 1963 3204 0 057865169 0 057865169 35 0 037398195 0 057865169 22 61 0 1338 4 18923E 09 35 1962 8 81 2 78 5 69 $1,864 26 $161 67 $258 38 1 02678E 08 1964 3389 4 0 064200153 0 064200153 36 0 044569161 0 064200153 16 42 0 0719 6 50058E 10 36 1963 22 61 3 11 1 68 $2,285 80 $166 70 $262 74 4 18923E 09 1965 3607 0 065178819 0 065178819 37 0 043551123 0 065178819 12 40 0 0317 5 57113E 11 37 1964 16 42 3 51 3 73 $2,661 02 $172 54 $272 53 6 50058E 10 1966 3842 1 0 025272637 0 025272637 38 0 048273916 0 025272637 9 97 0 192 1 23785E 08 38 1965 12 40 3 90 0 72 $2,990 97 $179 28 $274 49 5 57113E 11 1967 3939 2 0 048410845 0 048410845 39 0 041380783 0 048410845 23 80 0 1457 5 40934E 09 39 1966 9 97 4 84 2 91 $2,692 74 $187 95 $282 47 1 23785E 08 1968 4129 9 0 031066128 0 031066128 40 0 010796691 0 031066128 10 81 0 0158 6 89822E 12 40 1967 23 80 4 33 1 58 $3,333 69 $196 10 $278 01 5 40934E 09 1969 4258 2 0 001902212 0 001902212 41 1 39770264 0 035838529 0 001902212 8 24 0 1747 9 32491E 09 41 1968 10 81 5 26 3 27 $3,694 23 $206 41 $287 11 6 89822E 12 1970 4266 3 0 033565385 0 033565385 42 1 591612386 0 038819814 3 56 0 0567 3 18797E 10 42 1969 8 24 6 56 5 01 $3,389 77 $219 96 $272 71 9 32491E 09 1971 4409 5 0 053135276 0 053135276 43 14 22 0 0499 2 17304E 10 43 1970 3 56 6 69 16 75 $3,510 49 $234 66 $318 41 3 18797E 10 1972 4643 8 0 057926698 0 057926698 44 18 76 0 0953 1 51372E 09 44 1971 14 22 4 54 9 79 $4,009 72 $245 32 $349 57 2 17304E 10 1973 4912 8 0 005516203 0 005516203 45 14 31 0 2354 2 28131E 08 45 1972 18 76 3 95 2 82 $4,761 76 $255 01 $359 42 1 51372E 09 1974 4885 7 0 002108193 0 002108193 46 25 90 0 3513 7 58229E 08 46 1973 14 31 6 73 3 66 $4,080 44 $272 16 $372 57 2 28131E 08 1975 4875 4 0 053636625 0 053636625 47 37 00 0 2777 3 74536E 08 47 1974 25 90 7 78 1 99 $3,023 54 $293 33 $379 98 7 58229E 08 1976 5136 9 0 045981039 0 045981039 48 23 83 0 146 5 44282E 09 48 1975 37 00 5 99 3 61 $4,142 10 $310 90 $393 68 3 74536E 08 1977 5373 1 0 055777856 0 055777856 49 6 98 0 1621 7 44929E 09 49 1976 23 83 4 97 15 98 $5,129 20 $326 35 $456 61 5 44282E 09 1978 5672 8 0 031254407 0 031254407 50 6 51 0 0272 3 51943E 11 50 1977 6 98 5 13 1 29 $4,771 20 $343 09 $462 50 7 44929E 09 1979 5850 1 0 00275209 0 00275209 51 18 52 0 0929 1 40221E 09 51 1978 6 51 6 93 0 78 $5,081 77 $366 87 $458 90 3 51943E 11 1980 5834 0 02538567 0 02538567 52 31 74 0 2251 1 99477E 08 52 1979 18 52 9 94 0 67 $6,022 89 $403 33 $461 98 1 40221E 09 1981 5982 1 0 019424617 0 019424617 53 4 70 0 1393 4 72736E 09 53 1980 31 74 11 22 2 99 $7,934 26 $448 58 $448 17 1 99477E 08 1982 5865 9 0 045176358 0 045176358 54 20 42 0 1119 2 45051E 09 54 1981 4 70 14 30 8 20 $7,561 16 $512 73 $484 91 4 72736E 09 1983 6130 9 0 071865468 0 071865468 55 22 34 0 1311 3 9407E 09 55 1982 20 42 11 01 32 81 $9,105 08 $569 18 $644 04 2 45051E 09 1984 6571 5 0 041375637 0 041375637 56 6 15 0 0308 5 10996E 11 56 1983 22 34 8 45 3 20 $11,138 90 $617 26 $664 65 3 9407E 09 1985 6843 4 0 034646521 0 034646521 57 31 24 0 2201 1 86477E 08 57 1984 6 15 9 61 13 73 $11,823 51 $676 60 $755 92 5 10996E 11 1986 7080 5 0 031989266 0 031989266 58 18 49 0 0926 1 38867E 09 58 1985 31 24 7 49 25 71 $15,516 60 $727 26 $950 29 1 86477E 08 1987 7307 0 041111263 0 041111263 59 5 81 0 0342 6 99591E 11 59 1986 18 49 6 04 24 28 $18,386 33 $771 15 $1,181 06 1 38867E 09 1988 7607 4 0 03572837 0 03572837 60 16 54 0 0731 6 83153E 10 60 1987 5 81 5 72 4 96 $19,455 08 $815 27 $1,122 47 6 99591E 11 1989 7879 2 0 018770941 0 018770941 61 31 48 0 2225 1 92644E 08 61 1988 16 54 6 45 8 22 $22,672 40 $867 86 $1,214 78 6 83153E 10 1990 8027 1 0 002342066 0 002342066 62 3 06 0 1229 3 24654E 09 62 1989 31 48 8 11 17 69 $29,808 58 $938 24 $1,429 72 1 92644E 08 1991 8008 3 0 0339273 0 0339273 63 30 23 0 21 1 61966E 08 63 1990 3 06 7 55 6 24 $28,895 11 $1,009 08 $1,518 87 3 24654E 09 1992 8280 0 02852657 0 02852657 64 7 49 0 0174 9 21326E 12 64 1991 30 23 5 61 15 00 $37,631 51 $1,065 69 $1,746 77 1 61966E 08 1993 8516 2 0 04073413 0 04073413 65 9 97 0 0074 7 08697E 13 65 1992 7 49 3 41 9 36 $40,451 51 $1,101 98 $1,910 30 9 21326E 12 1994 8863 1 0 025149214 0 025149214 66 1 33 0 079 8 62277E 10 66 1993 9 97 2 98 14 21 $44,483 33 $1,134 84 $2,181 77 7 08697E 13 1995 9086 0 037398195 0 037398195 67 37 20 0 2797 3 82686E 08 67 1994 1 33 3 99 8 04 $45,073 14 $1,180 07 $2,006 43 8 62277E 10 1996 9425 8 0 044569161 0 044569161 68 23 82 0 1459 5 43165E 09 68 1995 37 20 5 52 23 48 $61,838 19 $1,245 15 $2,477 55 3 82686E 08 1997 9845 9 0 043551123 0 043551123 69 31 86 0 2263 2 02684E 08 69 1996 23 82 5 02 1 43 $76,566 48 $1,307 68 $2,512 94 5 43165E 09 1998 10274 7 0 048273916 0 048273916 70 28 34 0 1911 1 22053E 08 70 1997 31 86 5 05 9 94 $100,958 71 $1,373 76 $2,762 71 2 02684E 08 1999 10770 7 0 041380783 0 041380783 71 20 89 0 1166 2 77244E 09 71 1998 28 34 4 73 14 92 $129,568 35 $1,438 70 $3,174 95 1 22053E 08 2000 11216 4 0 010796691 0 010796691 72 9 03 0 1826 1 0648E 08 72 1999 20 89 4 51 8 25 $156,629 15 $1,503 58 $2,912 88 2 77244E 09 2001 11337 5 0 018134509 0 018134509 73 11 85 0 2108 1 63824E 08 73 2000 9 03 5 76 16 66 $142,482 69 $1,590 23 $3,398 03 1 0648E 08 2002 11543 1 0 025409119 0 025409119 74 21 97 0 312 5 31165E 08 74 2001 11 85 3 67 5 57 $125,598 83 $1,648 63 $3,587 37 1 63824E 08 2003 11836 4 0 034681153 0 034681153 75 28 36 0 1913 1 22436E 08 75 2002 21 97 1 66 15 12 $98,009 73 $1,675 96 $4,129 65 5 31165E 08 2004 12246 9 0 030709812 0 030709812 76 10 74 0 0151 6 02139E 12 76 2003 28 36 1 03 0 38 $125,801 18 $1,693 22 $4,145 15 1 22436E 08 2005 12623 0 026578468 0 026578468 77 4 83 0 044 1 48979E 10 77 2004 10 74 1 23 4 49 $139,315 72 $1,714 00 $4,331 30 6 02139E 12 2006 12958 5 0 019130301 0 019130301 78 15 61 0 0638 4 5418E 10 78 2005 4 83 3 01 2 87 $146,050 90 $1,765 59 $4,455 50 1 48979E 10 2007 13206 4 0 003369578 0 003369578 79 5 48 0 0375 9 22273E 11 79 2006 15 61 4 68 1 96 $168,853 19 $1,848 18 $4,542 87 4 5418E 10 2008 13161 9 0 030694657 0 030694657 80 36 55 0 4578 1 678E 07 80 2007 5 48 4 64 10 21 $178,114 34 $1,933 98 $5,006 69 9 22273E 11 2009 12757 9 0 023914594 0 023914594 81 25 94 0 1671 8 16009E 09 81 2008 36 55 1 59 20 10 $113,009 37 $1,964 64 $6,013 10 1 678E 07 2010 13063 0 018073949 0 018073949 82 14 82 0 0559 3 05493E 10 82 2009 25 94 0 14 11 12 $142,318 62 $1,967 29 $5,344 65 8 16009E 09 2011 13299 1 2 753670752 0 033581351 2 07 0 0716 6 41955E 10 83 2010 14 82 0 13 8 46 $163,411 79 $1,969 84 $5,796 96 3 05493E 10 9 47347E 08 84 2011 2 07 0 03 16 04 $166,787 51 $1,970 44 $6,726 52 6 41955E 10 Risk Premium 9 47347E 08 Arithmetic Average Stocks T Bills Stocks T Bonds 1928 2011 11 20 3 66 5 41 7 55 5 79 1962 2011 10 60 5 22 7 24 5 38 3 36 2002 2011 4 93 1 81 6 85 3 12 1 92 Risk Premium Geometric Average Stocks T Bills Stocks T Bonds 1928 2011 9 23 3 61 5 14 5 62 4 10 1962 2011 9 20 5 19 6 85 4 02 2 35 2002 2011 2 88 1 80 6 49 1 08 3 61

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Please use the excel function data on stocks, bonds, bills to start discussion on time value. First question: Using the data and $100 invested in

Please use the excel function data on stocks, bonds, bills to start discussion on time value.

First question:

Using the data and $100 invested in stocks, bonds and bills, confirm the values at 2011.

Terminal value at 2011= $100(1+r1)(1+r2)...(1+r84)

where r1= actual return given for 1928

r2=actual return given for 1929

r84=actual return given for 2011 for stocks, bonds and bills

Second Question:

Investing over 84 years is a little far fetched unless your grandfather was like Donald Trump's G.PA. Now consider dividing 1928-2011 to three sub-period of 1928-56 (28 years), 1956-1984 28 yr) and 1984-2011 (27 yr). Let's see how investment of $100 in stocks, bonds, bills using again the actual returns provided in each asset class (stocks, bonds, bills) perform? Compare, the future value of each investment as if in the second 28 years, and last 27 years you start with $100 investment in stocks, bonds, bills. What are the lessons we learn in this exercise as far as your future contribution to your own 401K is concerned?



	Annual returns stocks bonds bills				compound value of $100				DATE	VALUE	GDP growth rate									1929-69	1970-1999	2000-2010		43.81%	0.3458	7.2317E-08
	Year	Stocks	T.Bills	T.Bonds	Stocks	T.Bills	T.Bonds	skewness	1929	976.1	-0.086159205	-0.086159205	1	-0.086159205		0.060599779		0.010796691		-0.086159205	0.033565385	0.010796691		-8.30%	-0.1753	-9.42131E-09
1	1928	43.81%	3.08%	0.84%	$143.81	$103.08	$100.84	7.2317E-08	1930	892	-0.064798206	-0.064798206	2	-0.064798206		0.043716203		0.018134509		-0.064798206	0.053135276	0.018134509		-25.12%	-0.3435	-7.08836E-08
2	1929	-8.30%	3.16%	4.20%	$131.88	$106.34	$105.07	-9.42131E-09	1931	834.2	-0.130664109	-0.130664109	3	-0.130664109		0.057865169		0.025409119		-0.130664109	0.057926698	0.025409119		-43.84%	-0.5307	-2.61404E-07
3	1930	-25.12%	4.55%	4.54%	$98.75	$111.18	$109.85	-7.08836E-08	1932	725.2	-0.012961942	-0.012961942	4	-0.012961942		0.064200153		0.034681153		-0.012961942	-0.005516203	0.034681153		-8.64%	-0.1787	-9.9802E-09
4	1931	-43.84%	2.31%	-2.56%	$55.46	$113.74	$107.03	-2.61404E-07	1933	715.8	0.108829282	0.108829282	5	0.108829282		0.065178819		0.030709812		0.108829282	-0.002108193	0.030709812		49.98%	0.4075	1.18345E-07
5	1932	-8.64%	1.07%	8.79%	$50.66	$114.96	$116.44	-9.9802E-09	1934	793.7	0.088824493	0.088824493	6	0.088824493		0.025272637		0.026578468		0.088824493	0.053636625	0.026578468		-1.19%	-0.1042	-1.97865E-09
6	1933	49.98%	0.96%	1.86%	$75.99	$116.06	$118.60	1.18345E-07	1935	864.2	0.130525341	0.130525341	7	0.130525341		0.048410845		0.019130301		0.130525341	0.045981039	0.019130301		46.74%	0.3751	9.23011E-08
7	1934	-1.19%	0.32%	7.96%	$75.09	$116.44	$128.05	-1.97865E-09	1936	977	0.051279427	0.051279427	8	0.051279427		0.031066128		-0.003369578		0.051279427	0.055777856	-0.003369578		31.94%	0.2271	2.04841E-08
8	1935	46.74%	0.18%	4.47%	$110.18	$116.64	$133.78	9.23011E-08	1937	1027.1	-0.034368611	-0.034368611	9	-0.034368611		0.001902212		-0.030694657		-0.034368611	0.031254407	-0.030694657		-35.34%	-0.4457	-1.54844E-07
9	1936	31.94%	0.17%	5.02%	$145.38	$116.84	$140.49	2.04841E-08	1938	991.8	0.08076225	0.08076225	10	0.08076225		0.033565385		0.023914594		0.08076225	-0.00275209	0.023914594		29.28%	0.2005	1.40964E-08
10	1937	-35.34%	0.30%	1.38%	$94.00	$117.19	$142.43	-1.54844E-07	1939	1071.9	0.087694748	0.087694748	11	0.087694748		0.053135276		0.018073949		0.087694748	0.02538567	0.018073949		-1.10%	-0.1033	-1.92782E-09
11	1938	29.28%	0.08%	4.21%	$121.53	$117.29	$148.43	1.40964E-08	1940	1165.9	0.170769363	0.170769363	12	0.170769363		0.057926698		0.173364361	0.015760396	0.170769363	-0.019424617	0.173364361	0.015760396	-10.67%	-0.199	-1.37824E-08
12	1939	-1.10%	0.04%	4.41%	$120.20	$117.33	$154.98	-1.92782E-09	1941	1365	0.184468864	0.184468864	13	0.184468864		-0.005516203				0.184468864	0.045176358			-12.77%	-0.22	-1.86223E-08
13	1940	-10.67%	0.03%	5.40%	$107.37	$117.36	$163.35	-1.37824E-08	1942	1616.8	0.163718456	0.163718456	14	0.163718456		-0.002108193				0.163718456	0.071865468			19.17%	0.0994	1.71761E-09
14	1941	-12.77%	0.08%	-2.02%	$93.66	$117.46	$160.04	-1.86223E-08	1943	1881.5	0.080786606	0.080786606	15	0.080786606		0.053636625				0.080786606	0.041375637			25.06%	0.1583	6.93759E-09
15	1942	19.17%	0.34%	2.29%	$111.61	$117.85	$163.72	1.71761E-09	1944	2033.5	-0.011212196	-0.011212196	16	-0.011212196		0.045981039				-0.011212196	0.034646521			19.03%	0.098	1.64605E-09
16	1943	25.06%	0.38%	2.49%	$139.59	$118.30	$167.79	6.93759E-09	1945	2010.7	-0.109414632	-0.109414632	17	-0.109414632		0.055777856				-0.109414632	0.031989266			35.82%	0.2659	3.28792E-08
17	1944	19.03%	0.38%	2.58%	$166.15	$118.75	$172.12	1.64605E-09	1946	1790.7	-0.008990897	-0.008990897	18	-0.008990897		0.031254407				-0.008990897	0.041111263			-8.43%	-0.1766	-9.63247E-09
18	1945	35.82%	0.38%	3.80%	$225.67	$119.20	$178.67	3.28792E-08	1947	1774.6	0.044009918	0.044009918	19	0.044009918		-0.00275209				0.044009918	0.03572837			5.20%	-0.0403	-1.14467E-10
19	1946	-8.43%	0.38%	3.13%	$206.65	$119.65	$184.26	-9.63247E-09	1948	1852.7	-0.005181627	-0.005181627	20	-0.005181627		0.02538567				-0.005181627	0.018770941			5.70%	-0.0353	-7.6929E-11
20	1947	5.20%	0.57%	0.92%	$217.39	$120.33	$185.95	-1.14467E-10	1949	1843.1	0.087407086	0.087407086	21	0.087407086		-0.019424617				0.087407086	-0.002342066			18.30%	0.0907	1.30493E-09
21	1948	5.70%	1.02%	1.95%	$229.79	$121.56	$189.58	-7.6929E-11	1950	2004.2	0.077387486	0.077387486	22	0.077387486		0.045176358				0.077387486	0.0339273			30.81%	0.2158	1.7576E-08
22	1949	18.30%	1.10%	4.66%	$271.85	$122.90	$198.42	1.30493E-09	1951	2159.3	0.038299449	0.038299449	23	0.038299449		0.071865468				0.038299449	0.02852657			23.68%	0.1445	5.27678E-09
23	1950	30.81%	1.17%	0.43%	$355.60	$124.34	$199.27	1.7576E-08	1952	2242	0.04603033	0.04603033	24	0.04603033		0.041375637				0.04603033	0.04073413			18.15%	0.0892	1.24125E-09
24	1951	23.68%	1.48%	-0.30%	$439.80	$126.18	$198.68	5.27678E-09	1953	2345.2	-0.006310762	-0.006310762	25	-0.006310762		0.034646521				-0.006310762	0.025149214			-1.21%	-0.1044	-1.99006E-09
25	1952	18.15%	1.67%	2.27%	$519.62	$128.29	$203.19	1.24125E-09	1954	2330.4	0.072004806	0.072004806	26	0.072004806		0.031989266				0.072004806	0.037398195			52.56%	0.4333	1.42276E-07
26	1953	-1.21%	1.89%	4.14%	$513.35	$130.72	$211.61	-1.99006E-09	1955	2498.2	0.019774237	0.019774237	27	0.019774237		0.041111263				0.019774237	0.044569161			32.60%	0.2337	2.23225E-08
27	1954	52.56%	0.96%	3.29%	$783.18	$131.98	$218.57	1.42276E-07	1956	2547.6	0.020097347	0.020097347	28	0.020097347		0.03572837				0.020097347	0.043551123			7.44%	-0.0179	-1.00306E-11
28	1955	32.60%	1.66%	-1.34%	$1,038.47	$134.17	$215.65	2.23225E-08	1957	2598.8	-0.009004156	-0.009004156	29	-0.009004156		0.018770941				-0.009004156	0.048273916			-10.46%	-0.1969	-1.33507E-08
29	1956	7.44%	2.56%	-2.26%	$1,115.73	$137.60	$210.79	-1.00306E-11	1958	2575.4	0.071717015	0.071717015	30	0.071717015		-0.002342066				0.071717015	0.041380783			43.72%	0.3449	7.17539E-08
30	1957	-10.46%	3.23%	6.80%	$999.05	$142.04	$225.11	-1.33507E-08	1959	2760.1	0.024781711	0.024781711	31	0.024781711		0.0339273				0.024781711	0.988694005	0.032956467		12.06%	0.0283	3.96392E-11
31	1958	43.72%	1.78%	-2.10%	$1,435.84	$144.57	$220.39	7.17539E-08	1960	2828.5	0.023298568	0.023298568	32	1.170101873	0.036565684	0.02852657				0.023298568				0.34%	-0.0889	-1.22877E-09
32	1959	12.06%	3.26%	-2.65%	$1,608.95	$149.27	$214.56	3.96392E-11	1961	2894.4	0.060599779	0.060599779	33			0.04073413				0.060599779				26.64%	0.1741	9.22916E-09
33	1960	0.34%	3.05%	11.64%	$1,614.37	$153.82	$239.53	-1.22877E-09	1962	3069.8	0.043716203	0.043716203	34			0.025149214				0.043716203				-8.81%	-0.1804	-1.02678E-08
34	1961	26.64%	2.27%	2.06%	$2,044.40	$157.30	$244.46	9.22916E-09	1963	3204	0.057865169	0.057865169	35			0.037398195				0.057865169				22.61%	0.1338	4.18923E-09
35	1962	-8.81%	2.78%	5.69%	$1,864.26	$161.67	$258.38	-1.02678E-08	1964	3389.4	0.064200153	0.064200153	36			0.044569161				0.064200153				16.42%	0.0719	6.50058E-10
36	1963	22.61%	3.11%	1.68%	$2,285.80	$166.70	$262.74	4.18923E-09	1965	3607	0.065178819	0.065178819	37			0.043551123				0.065178819				12.40%	0.0317	5.57113E-11
37	1964	16.42%	3.51%	3.73%	$2,661.02	$172.54	$272.53	6.50058E-10	1966	3842.1	0.025272637	0.025272637	38			0.048273916				0.025272637				-9.97%	-0.192	-1.23785E-08
38	1965	12.40%	3.90%	0.72%	$2,990.97	$179.28	$274.49	5.57113E-11	1967	3939.2	0.048410845	0.048410845	39			0.041380783				0.048410845				23.80%	0.1457	5.40934E-09
39	1966	-9.97%	4.84%	2.91%	$2,692.74	$187.95	$282.47	-1.23785E-08	1968	4129.9	0.031066128	0.031066128	40			0.010796691				0.031066128				10.81%	0.0158	6.89822E-12
40	1967	23.80%	4.33%	-1.58%	$3,333.69	$196.10	$278.01	5.40934E-09	1969	4258.2	0.001902212	0.001902212	41			1.39770264	0.035838529			0.001902212				-8.24%	-0.1747	-9.32491E-09
41	1968	10.81%	5.26%	3.27%	$3,694.23	$206.41	$287.11	6.89822E-12	1970	4266.3	0.033565385	0.033565385	42							1.591612386	0.038819814			3.56%	-0.0567	-3.18797E-10
42	1969	-8.24%	6.56%	-5.01%	$3,389.77	$219.96	$272.71	-9.32491E-09	1971	4409.5	0.053135276	0.053135276	43											14.22%	0.0499	2.17304E-10
43	1970	3.56%	6.69%	16.75%	$3,510.49	$234.66	$318.41	-3.18797E-10	1972	4643.8	0.057926698	0.057926698	44											18.76%	0.0953	1.51372E-09
44	1971	14.22%	4.54%	9.79%	$4,009.72	$245.32	$349.57	2.17304E-10	1973	4912.8	-0.005516203	-0.005516203	45											-14.31%	-0.2354	-2.28131E-08
45	1972	18.76%	3.95%	2.82%	$4,761.76	$255.01	$359.42	1.51372E-09	1974	4885.7	-0.002108193	-0.002108193	46											-25.90%	-0.3513	-7.58229E-08
46	1973	-14.31%	6.73%	3.66%	$4,080.44	$272.16	$372.57	-2.28131E-08	1975	4875.4	0.053636625	0.053636625	47											37.00%	0.2777	3.74536E-08
47	1974	-25.90%	7.78%	1.99%	$3,023.54	$293.33	$379.98	-7.58229E-08	1976	5136.9	0.045981039	0.045981039	48											23.83%	0.146	5.44282E-09
48	1975	37.00%	5.99%	3.61%	$4,142.10	$310.90	$393.68	3.74536E-08	1977	5373.1	0.055777856	0.055777856	49											-6.98%	-0.1621	-7.44929E-09
49	1976	23.83%	4.97%	15.98%	$5,129.20	$326.35	$456.61	5.44282E-09	1978	5672.8	0.031254407	0.031254407	50											6.51%	-0.0272	-3.51943E-11
50	1977	-6.98%	5.13%	1.29%	$4,771.20	$343.09	$462.50	-7.44929E-09	1979	5850.1	-0.00275209	-0.00275209	51											18.52%	0.0929	1.40221E-09
51	1978	6.51%	6.93%	-0.78%	$5,081.77	$366.87	$458.90	-3.51943E-11	1980	5834	0.02538567	0.02538567	52											31.74%	0.2251	1.99477E-08
52	1979	18.52%	9.94%	0.67%	$6,022.89	$403.33	$461.98	1.40221E-09	1981	5982.1	-0.019424617	-0.019424617	53											-4.70%	-0.1393	-4.72736E-09
53	1980	31.74%	11.22%	-2.99%	$7,934.26	$448.58	$448.17	1.99477E-08	1982	5865.9	0.045176358	0.045176358	54											20.42%	0.1119	2.45051E-09
54	1981	-4.70%	14.30%	8.20%	$7,561.16	$512.73	$484.91	-4.72736E-09	1983	6130.9	0.071865468	0.071865468	55											22.34%	0.1311	3.9407E-09
55	1982	20.42%	11.01%	32.81%	$9,105.08	$569.18	$644.04	2.45051E-09	1984	6571.5	0.041375637	0.041375637	56											6.15%	-0.0308	-5.10996E-11
56	1983	22.34%	8.45%	3.20%	$11,138.90	$617.26	$664.65	3.9407E-09	1985	6843.4	0.034646521	0.034646521	57											31.24%	0.2201	1.86477E-08
57	1984	6.15%	9.61%	13.73%	$11,823.51	$676.60	$755.92	-5.10996E-11	1986	7080.5	0.031989266	0.031989266	58											18.49%	0.0926	1.38867E-09
58	1985	31.24%	7.49%	25.71%	$15,516.60	$727.26	$950.29	1.86477E-08	1987	7307	0.041111263	0.041111263	59											5.81%	-0.0342	-6.99591E-11
59	1986	18.49%	6.04%	24.28%	$18,386.33	$771.15	$1,181.06	1.38867E-09	1988	7607.4	0.03572837	0.03572837	60											16.54%	0.0731	6.83153E-10
60	1987	5.81%	5.72%	-4.96%	$19,455.08	$815.27	$1,122.47	-6.99591E-11	1989	7879.2	0.018770941	0.018770941	61											31.48%	0.2225	1.92644E-08
61	1988	16.54%	6.45%	8.22%	$22,672.40	$867.86	$1,214.78	6.83153E-10	1990	8027.1	-0.002342066	-0.002342066	62											-3.06%	-0.1229	-3.24654E-09
62	1989	31.48%	8.11%	17.69%	$29,808.58	$938.24	$1,429.72	1.92644E-08	1991	8008.3	0.0339273	0.0339273	63											30.23%	0.21	1.61966E-08
63	1990	-3.06%	7.55%	6.24%	$28,895.11	$1,009.08	$1,518.87	-3.24654E-09	1992	8280	0.02852657	0.02852657	64											7.49%	-0.0174	-9.21326E-12
64	1991	30.23%	5.61%	15.00%	$37,631.51	$1,065.69	$1,746.77	1.61966E-08	1993	8516.2	0.04073413	0.04073413	65											9.97%	0.0074	7.08697E-13
65	1992	7.49%	3.41%	9.36%	$40,451.51	$1,101.98	$1,910.30	-9.21326E-12	1994	8863.1	0.025149214	0.025149214	66											1.33%	-0.079	-8.62277E-10
66	1993	9.97%	2.98%	14.21%	$44,483.33	$1,134.84	$2,181.77	7.08697E-13	1995	9086	0.037398195	0.037398195	67											37.20%	0.2797	3.82686E-08
67	1994	1.33%	3.99%	-8.04%	$45,073.14	$1,180.07	$2,006.43	-8.62277E-10	1996	9425.8	0.044569161	0.044569161	68											23.82%	0.1459	5.43165E-09
68	1995	37.20%	5.52%	23.48%	$61,838.19	$1,245.15	$2,477.55	3.82686E-08	1997	9845.9	0.043551123	0.043551123	69											31.86%	0.2263	2.02684E-08
69	1996	23.82%	5.02%	1.43%	$76,566.48	$1,307.68	$2,512.94	5.43165E-09	1998	10274.7	0.048273916	0.048273916	70											28.34%	0.1911	1.22053E-08
70	1997	31.86%	5.05%	9.94%	$100,958.71	$1,373.76	$2,762.71	2.02684E-08	1999	10770.7	0.041380783	0.041380783	71											20.89%	0.1166	2.77244E-09
71	1998	28.34%	4.73%	14.92%	$129,568.35	$1,438.70	$3,174.95	1.22053E-08	2000	11216.4	0.010796691	0.010796691	72											-9.03%	-0.1826	-1.0648E-08
72	1999	20.89%	4.51%	-8.25%	$156,629.15	$1,503.58	$2,912.88	2.77244E-09	2001	11337.5	0.018134509	0.018134509	73											-11.85%	-0.2108	-1.63824E-08
73	2000	-9.03%	5.76%	16.66%	$142,482.69	$1,590.23	$3,398.03	-1.0648E-08	2002	11543.1	0.025409119	0.025409119	74											-21.97%	-0.312	-5.31165E-08
74	2001	-11.85%	3.67%	5.57%	$125,598.83	$1,648.63	$3,587.37	-1.63824E-08	2003	11836.4	0.034681153	0.034681153	75											28.36%	0.1913	1.22436E-08
75	2002	-21.97%	1.66%	15.12%	$98,009.73	$1,675.96	$4,129.65	-5.31165E-08	2004	12246.9	0.030709812	0.030709812	76											10.74%	0.0151	6.02139E-12
76	2003	28.36%	1.03%	0.38%	$125,801.18	$1,693.22	$4,145.15	1.22436E-08	2005	12623	0.026578468	0.026578468	77											4.83%	-0.044	-1.48979E-10
77	2004	10.74%	1.23%	4.49%	$139,315.72	$1,714.00	$4,331.30	6.02139E-12	2006	12958.5	0.019130301	0.019130301	78											15.61%	0.0638	4.5418E-10
78	2005	4.83%	3.01%	2.87%	$146,050.90	$1,765.59	$4,455.50	-1.48979E-10	2007	13206.4	-0.003369578	-0.003369578	79											5.48%	-0.0375	-9.22273E-11
79	2006	15.61%	4.68%	1.96%	$168,853.19	$1,848.18	$4,542.87	4.5418E-10	2008	13161.9	-0.030694657	-0.030694657	80											-36.55%	-0.4578	-1.678E-07
80	2007	5.48%	4.64%	10.21%	$178,114.34	$1,933.98	$5,006.69	-9.22273E-11	2009	12757.9	0.023914594	0.023914594	81											25.94%	0.1671	8.16009E-09
81	2008	-36.55%	1.59%	20.10%	$113,009.37	$1,964.64	$6,013.10	-1.678E-07	2010	13063	0.018073949	0.018073949	82											14.82%	0.0559	3.05493E-10
82	2009	25.94%	0.14%	-11.12%	$142,318.62	$1,967.29	$5,344.65	8.16009E-09	2011	13299.1		2.753670752	0.033581351											2.07%	-0.0716	-6.41955E-10
83	2010	14.82%	0.13%	8.46%	$163,411.79	$1,969.84	$5,796.96	3.05493E-10																		-9.47347E-08
84	2011	2.07%	0.03%	16.04%	$166,787.51	$1,970.44	$6,726.52	-6.41955E-10
						Risk Premium		-9.47347E-08
	Arithmetic Average					Stocks - T.Bills	Stocks - T.Bonds
	1928-2011	11.20%	3.66%	5.41%		7.55%	5.79%
	1962-2011	10.60%	5.22%	7.24%		5.38%	3.36%
	2002-2011	4.93%	1.81%	6.85%		3.12%	-1.92%
						Risk Premium
	Geometric Average					Stocks - T.Bills	Stocks - T.Bonds
	1928-2011	9.23%	3.61%	5.14%		5.62%	4.10%
	1962-2011	9.20%	5.19%	6.85%		4.02%	2.35%
	2002-2011	2.88%	1.80%	6.49%		1.08%	-3.61%