Using the stock price and return data in Exhibits 5 and 6, estimate the CAPM beta ?

E*Trade
Date	Shares	Price	Dividend	Stock Split
30-Aug-96	29,393	10.500	-
30-Sep-96	29,539	13.188	-
31-Oct-96	29,539	11.125	-
29-Nov-96	29,539	10.938	-
31-Dec-96	29,545	11.500	-
31-Jan-97	29,545	17.625	-
28-Feb-97	29,545	24.000	-
31-Mar-97	30,440	18.000	-
30-Apr-97	30,440	15.000	-
30-May-97	30,440	17.625	-
30-Jun-97	30,958	19.625	-
31-Jul-97	30,958	30.500	-
29-Aug-97	30,958	32.125	-

Ameritrade
Date	Shares	Price	Dividend	Stock Split
31-Mar-97	13,153	15.625	1.000
30-Apr-97	13,153	12.500	-
30-May-97	13,153	14.000	-
30-Jun-97	14,518	15.750	-
31-Jul-97	14,518	15.375	-
29-Aug-97	14,518	18.813	-

Exhibit 3 Capital Market Return Data (Historical and Current) Historic Average Total Annual Returns on US Government Securities and Common Stocks (1950 - 1996) Historic Average Total Annual Returns on US Government Securities and Common Stocks (1929 - 1996) Source: Yields are from Datastream, historical data are from Ibbotson Associates, SBBI 2000 Yearbook. aportfolio of US Government bonds with maturity near 5 years. bPortfolio of US Government bonds with maturity near 20 years. CStandard and Poor's 500 Stock Price Index. Exhibit 3 Capital Market Return Data (Historical and Current) Historic Average Total Annual Returns on US Government Securities and Common Stocks (1950 - 1996) Historic Average Total Annual Returns on US Government Securities and Common Stocks (1929 - 1996) Source: Yields are from Datastream, historical data are from Ibbotson Associates, SBBI 2000 Yearbook. aportfolio of US Government bonds with maturity near 5 years. bPortfolio of US Government bonds with maturity near 20 years. CStandard and Poor's 500 Stock Price Index