Year	S&P 500 Index	Dividends Paid	S&P 500 Realized Return
1990	330.22	12.09
1991	417.09	12.20	30.00%
1992	435.71	12.39	7.43%
1993	466.45	12.58	9.94%
1994	459.27	13.17	1.28%
1995	615.93	13.79	37.11%
1996	740.74	14.90	22.68%
1997	970.43	15.50	33.10%
1998	1229.23	16.20	28.34%
1999	1469.25	16.69	20.88%
2000	1320.28	16.07	-9.05%
2001	1148.09	15.74	-11.85%
2002	879.82	15.96	-21.98%
2003	1111.91	17.88	28.41%
2004	1211.92	19.01	10.70%
2005	1248.29	22.34	4.84%
2006	1418.30	25.04	15.63%
2007	1468.36	28.14	5.51%
2008	903.25	28.45	-36.55%
2009	1115.10	21.97	25.89%
2010	1257.64	22.65	14.81%
2011	1257.60	26.53	2.11%
2012	1426.19	31.25	15.89%
2013	1848.36	34.90	32.05%
2014	2058.90	39.55	13.53%
2015	2043.94	43.41	1.38%
2016	2238.83	45.70	11.77%
2017	2673.61	48.93	21.61%
2018	2506.85	53.61	-4.23%
2019	3230.78	58.80	31.22%
2020	3756.07	56.70	18.01%
2021	4766.18	59.20	28.47%

a) What was the average dividend yield for the S&P 500 from 1991-2021?

(Hint: use Divt/ Pt -1 to calculate the annual dividend yield)

b) What was the volatility of the dividend yield?

c) What was the average annual return of the S&P 500 from 1991-2021 excluding dividends (i.e.,from capital gains only)?

d) What was the volatility of the S&P 500 returns from capital gains?

e) Were dividends or capital gains a more important component of the S&P 500's averagereturns during this period? Which were the more important source of volatility?

Note: Show your work.