The following data is provided for the S&P 500 Index:

Year Total ReturnYearTotal Return

1988 16.81%1998 28.58%

1989 31.49%1999 21.04%

1990 -3.17% 2000 -9.11%

1991 30.55% 2001 -11.88%

1992 7.67% 2002 -22.10%

1993 9.99% 2003 28.70%

1994 1.31% 2004 10.87%

1995 37.43% 2005 4.91%

1996 23.07% 2006 15.80%

1997 33.36% 2007 5.49%

Refer to the information above. Calculate the 20-year arithmetic average annual rate of return on the S&P 500 Index.

Question 22 options:

13.04%

11.81%

10.56%

none of the above