Year-end 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Return 23.3% 24.7% 30.6% 9.0% -2.0% - 17.3% - 24.3% 31% 4.4% 7.4% Return 46.1% 26.7% 86.3% 23.1% 0.2% -3.2% - 27.0% 27.7% -5.1% - 11.3% The average annual return on IBM from 1996 to 2005 is closest to: O A. 16.35% OB. 19.62% O C. 18.8% OD. 29.43% Year-end 1996 1997 1998 1999 2000 2001 2002 2003 S&P 500 Realized Return 23.3% 24.7% 30.6% 9.0% - 2.0% - 17.3% - 24.3% 31% IBM Realized Return 46.1% 26.7% R6.3% 23.1% 0.2% - 3.2% - 27.0% 27.7% O A. 16.35% OB. 19.62% O c. 18.8% OD. 29.43%