The Dow Joes Wilshire 5000 Stock Index (which reflects the broad market) has had returns as shown below during the past 9 years:

a) Assume you have $9,000 invested in the Index( say, through a mutual fund or ETF) at the beginning of 2008. Calculate the value of the investment at year-end 2016. b) Assume the returns occured in reverse order (13.37% first, -37.23% last). Re-answer part (a) c) Re-answer parts (a) and (b), assuming that instead you invest $1,000 at the beginning of each year. d) Briefly describe your findings and teh implications for investors who are saving for retirement.

Year	Return
2008	-37.23%
2009	28.20%
2010	17.16%
2011	0.98%
2012	16.06%
2013	33.06%
2014	12.71%
2015	0.67%
2016	13.37%