Discrete Annual Compound Interest

Interest Rate
20.00%
Year

Cash Balance
0
$1,000.00
1
$1,200.00
2
$1,440.00
3
$1,728.00
4
$2,073.60
5
$2,488.32
6
$2,985.98
7
$3,583.18
8
$4,299.82
9
$5,159.78
10
$6,191.74

Note: This discrete annual compound interest example is from Simon Benninga, Principles of Finance with Exce
Oxford University Press (2011) pp. 683-693

ples of Finance with Excel, Second Edition

Column B

Excel uses standard "PEMDAS" order of operations for arithmetic

"Parentheses, Exponents, Multiplication and Division, and Addition and
Parentheses
Exponents - use caret
Multiplication - use asterisk
Division - use slash
Addition
Subtraction
Assume we want (6-3)(4+2) = 18
18
Assume we want (3/5) squared
0.36

"(6-3)"
"^"
"*"
"/"
"+"
"-"

(for example, "six square

"square root of six" is "6^

ons for arithmetic

ision, and Addition and Subtraction"

r example, "six squared" is "6^2";

quare root of six" is "6^(.5)")

A
1
2
3
4
5
6
7
8
9
10
11
12
13
14

natural log function

"ln"

Example
note - general practice throughout the course is to ro
log to the base "e" of 1.5
1.5
0.41
0.41

log to the base 2

"log(number, base)"

log to the base 2 of 1.5

0.58

pi function
"pi()"

1 divided by the square root of pi

0.56

random number between 0 and 1

"=rand()"
0.63
0.97
0.31

1 course is to round answers to two decimal places

oughout the
2
3
4
5
6
7
8
9
10
11
12
13
14

Adjusted monthly closing prices (from Yahoo Finance)

Date
8/1/14
7/1/2014
6/2/2014
5/1/14
4/1/2014
3/3/2014
2/3/2014
1/2/2014
12/2/2013
11/1/2013
10/1/2013
9/3/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013
4/1/2013
3/1/2013
2/1/2013
1/2/2013
12/3/2012
11/1/2012
10/1/2012
9/4/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/3/2012
12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011

S&P 500 Index

Duke Energy Stock

1925.15
1930.67
1960.23
1923.57
1883.95
1872.34
1859.45
1782.59
1848.36
1805.81
1756.54
1681.55
1632.97
1685.73
1606.28
1630.74
1597.57
1569.19
1514.68
1498.11
1426.19
1416.18
1412.16
1440.67
1406.58
1379.32
1362.16
1310.33
1397.91
1408.47
1365.68
1312.41
1257.6
1246.96
1253.3
1131.42
1218.89
1292.28
1320.64
1345.2

72.94
72.13
74.19
71.08
73.68
70.45
70.11
69.09
67.51
68.44
69.41
64.62
63.48
67.95
64.6
64.05
71.2
68.73
65.57
64.37
59.74
59.76
60.76
59.92
59.91
61.98
63.26
60.3
58.11
56.98
56.73
57.12
58.97
55.88
54.07
52.93
50.07
48.56
49.16
48.95

4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10/1/2008
9/2/2008
8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
11/1/2007
10/1/2007

1363.61
1325.83
1327.22
1286.12
1257.64
1180.55
1183.26
1141.2
1049.33
1101.6
1030.71
1089.41
1186.69
1169.43
1104.49
1073.87
1115.1
1095.63
1036.19
1057.08
1020.62
987.48
919.32
919.14
872.81
797.87
735.09
825.88
903.25
896.24
968.75
1166.36
1282.83
1267.38
1280
1400.38
1385.59
1322.7
1330.63
1378.55
1468.36
1481.14
1549.38

48.08
46.79
46.38
45.47
45.29
44.63
45.7
44.44
43.11
42.32
39.59
39.49
40.94
39.81
39.89
39.74
41.38
40.1
37.47
37.29
36.69
36.11
34.03
33
31.68
32.85
30.9
34.23
33.91
35.16
36.47
38.81
38.83
38.64
38.2
40.62
39.78
38.78
38.1
40.04
43.3
42.49
40.69

9/4/2007
8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004

1526.75
1473.99
1455.27
1503.35
1530.62
1482.37
1420.86
1406.82
1438.24
1418.3
1400.63
1377.94
1335.85
1303.82
1276.66
1270.2
1270.09
1310.61
1294.87
1280.66
1280.08
1248.29
1249.48
1207.01
1228.81
1220.33
1234.18
1191.33
1191.5
1156.85
1180.59
1203.6
1181.27
1211.92
1173.82
1130.2
1114.58
1104.24
1101.72
1140.84
1120.68
1107.3
1126.21

39.67
38.93
35.72
38.39
40.99
42.6
42.13
40.86
40.46
39.66
37.88
37.4
35.7
35.46
35.46
34.35
33.01
33.69
33.73
32.86
32.44
31.41
30.74
29.94
32.99
32.78
33.4
33.62
31.08
32.68
31.36
30.22
29.69
28.08
28.02
26.9
25.1
24.28
23.28
21.97
21.59
22.49
24.13

2/2/2004
1/2/2004
12/1/2003
11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
12/2/2002
11/1/2002
10/1/2002
9/3/2002
8/1/2002
7/1/2002
6/3/2002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002
12/3/2001
11/1/2001
10/1/2001
9/4/2001
8/1/2001
7/2/2001
6/1/2001
5/1/2001
4/2/2001
3/1/2001
2/1/2001
1/2/2001
12/1/2000
11/1/2000
10/2/2000
9/1/2000
8/1/2000

1144.94
1131.13
1111.92
1058.2
1050.71
995.97
1008.01
990.31
974.5
963.59
916.92
848.18
841.15
855.7
879.82
936.31
885.76
815.28
916.07
911.62
989.82
1067.14
1076.92
1147.39
1106.73
1130.2
1148.08
1139.45
1059.78
1040.94
1133.58
1211.23
1224.38
1255.82
1249.46
1160.33
1239.94
1366.01
1320.28
1314.95
1429.4
1436.51
1517.68

23.45
22.91
21.56
19.02
18.84
18.49
17.73
17.93
20.39
19.8
17.68
14.62
13.58
16.81
19.29
19.49
19.93
19.02
26.1
24.54
29.94
30.82
36.63
36.12
33.73
33.06
37.22
34.27
36.16
35.64
37.01
36.09
36.46
42.73
43.43
39.7
37.85
33.74
39.33
41.49
39.62
39.31
34.29

7/3/2000
6/1/2000
5/1/2000
4/3/2000
3/1/2000
2/1/2000
1/3/2000

1430.83
1454.6
1420.6
1452.43
1498.58
1366.42
1394.46

28.05
25.63
26.49
25.9
23.65
21.85
25.75

Monthly continuously compounded (log) returns

S&P 500 Index
Duke Energy Stock
-0.29%
-1.52%
1.89%
2.08%
0.62%
0.69%
4.22%
-3.62%
2.33%
2.77%
4.36%
2.93%
-3.18%
4.83%
-1.51%
2.06%
1.79%
3.54%
1.10%
4.92%
0.70%
0.28%
-2.00%
2.39%
1.96%
1.25%
3.88%
-6.47%
-0.75%
3.09%
3.98%
4.27%
0.85%
-0.51%
10.23%
-7.45%
-5.85%
-2.17%
-1.84%
-1.36%

1.12%
-2.82%
4.28%
-3.59%
4.48%
0.48%
1.47%
2.31%
-1.37%
-1.41%
7.15%
1.78%
-6.80%
5.06%
0.86%
-10.58%
3.53%
4.71%
1.85%
7.46%
-0.03%
-1.66%
1.39%
0.02%
-3.40%
-2.04%
4.79%
3.70%
1.96%
0.44%
-0.69%
-3.19%
5.38%
3.29%
2.13%
5.55%
3.06%
-1.23%
0.43%
1.79%

2.81%
-0.10%
3.15%
2.24%
6.33%
-0.23%
3.62%
8.39%
-4.86%
6.65%
-5.54%
-8.55%
1.47%
5.71%
2.81%
-3.77%
1.76%
5.58%
-2.00%
3.51%
3.30%
7.15%
0.02%
5.17%
8.98%
8.20%
-11.65%
-8.95%
0.78%
-7.78%
-18.56%
-9.52%
1.21%
-0.99%
-8.99%
1.06%
4.65%
-0.60%
-3.54%
-6.31%
-0.87%
-4.50%
1.47%

2.72%
0.88%
1.98%
0.40%
1.47%
-2.37%
2.80%
3.04%
1.85%
6.67%
0.25%
-3.61%
2.80%
-0.20%
0.38%
-4.04%
3.14%
6.78%
0.48%
1.62%
1.59%
5.93%
3.07%
4.08%
-3.63%
6.12%
-10.23%
0.94%
-3.62%
-3.66%
-6.22%
-0.05%
0.49%
1.15%
-6.14%
2.09%
2.55%
1.77%
-4.97%
-7.83%
1.89%
4.33%
2.54%

3.52%
1.28%
-3.25%
-1.80%
3.20%
4.24%
0.99%
-2.21%
1.40%
1.25%
1.63%
3.10%
2.43%
2.11%
0.51%
0.01%
-3.14%
1.21%
1.10%
0.05%
2.51%
-0.10%
3.46%
-1.79%
0.69%
-1.13%
3.53%
-0.01%
2.95%
-2.03%
-1.93%
1.87%
-2.56%
3.19%
3.79%
1.39%
0.93%
0.23%
-3.49%
1.78%
1.20%
-1.69%
-1.65%

1.88%
8.61%
-7.21%
-6.55%
-3.85%
1.11%
3.06%
0.98%
2.00%
4.59%
1.28%
4.65%
0.67%
0.00%
3.18%
3.98%
-2.04%
-0.12%
2.61%
1.29%
3.23%
2.16%
2.64%
-9.70%
0.64%
-1.87%
-0.66%
7.86%
-5.02%
4.12%
3.70%
1.77%
5.58%
0.21%
4.08%
6.93%
3.32%
4.21%
5.79%
1.74%
-4.08%
-7.04%
2.86%

1.21%
1.71%
4.95%
0.71%
5.35%
-1.20%
1.77%
1.61%
1.13%
4.96%
7.79%
0.83%
-1.71%
-2.78%
-6.22%
5.55%
8.29%
-11.66%
0.49%
-8.23%
-7.52%
-0.91%
-6.34%
3.61%
-2.10%
-1.57%
0.75%
7.25%
1.79%
-8.53%
-6.63%
-1.08%
-2.54%
0.51%
7.40%
-6.64%
-9.68%
3.41%
0.40%
-8.35%
-0.50%
-5.50%
5.89%

2.33%
6.07%
12.53%
0.95%
1.88%
4.20%
-1.12%
-12.86%
2.94%
11.32%
19.00%
7.38%
-21.34%
-13.76%
-1.03%
-2.23%
4.67%
-31.64%
6.16%
-19.89%
-2.90%
-17.27%
1.40%
6.85%
2.01%
-11.85%
8.26%
-5.37%
1.45%
-3.77%
2.52%
-1.02%
-15.87%
-1.62%
8.98%
4.77%
11.49%
-15.33%
-5.35%
4.61%
0.79%
13.66%
20.09%

-1.65%
2.37%
-2.22%
-3.13%
9.23%
-2.03%
#DIV/0!

9.02%
-3.30%
2.25%
9.09%
7.92%
-16.42%
#DIV/0!

176 months - 175 returns

return data located rows 4 - 178
Functions on one column at a time
S&P 500 Index
Duke Energy Stock
average monthly return
0.18%
0.59%
average annual return
2.21%
7.14%
standard deviation of monthly returns
4.47%
6.52%
annualized standard deviation of returns
15.50%
22.60%
minimum
-18.56%
-31.64%
maximum
10.23%
20.09%
Functions on two columns at the same time (ordered pairs)
S&P 500 Index - x axis
Duke Energy Stock - y axis
Description of best-fit (regression) line - Duke on S&P 500
slope
0.49
y-intercept

0.0051

correlation

0.33

R-squared

0.111

f(x)
R =
-25.00% -20.00% -1

f(x) = 0.4862708207x + 0.0050536106

R = 0.1112460823
-25.00% -20.00% -15.00% -10.00% -5.00%
0.00%

Column E
5.00%

10.00%

15.00%

Linear (Column E)
Linear (Column E)

Column E
Linear (Column E)
Linear (Column E)

Date
S&P 500 Index
Duke Energy Stock
###
10.23%
2.13%
3/1/2000
9.23%
7.92%
4/1/2009
8.98%
-3.63%
9/1/2010
8.39%
3.04%
###
8.29%
4.67%
3/2/2009
8.20%
6.12%
4/1/2003
7.79%
19.00%
4/2/2001
7.40%
8.98%
###
7.25%
-5.37%
7/1/2009
7.15%
5.93%
7/1/2010
6.65%
6.67%
###
6.33%
1.47%
8/1/2000
5.89%
20.09%
3/1/2010
5.71%
-0.20%
###
5.58%
6.78%
###
5.55%
-2.23%
###
5.35%
1.88%
5/1/2009
5.17%
4.08%
5/1/2003
4.96%
11.32%
###
4.95%
12.53%
1/2/2013
4.92%
7.46%
7/1/2013
4.83%
5.06%
4/1/2008
4.65%
2.55%
###
4.36%
7.15%
1/3/2012
4.27%
-3.19%
4/2/2007
4.24%
1.11%
2/3/2014
4.22%
1.47%
2/1/2012
3.98%
-0.69%
6/1/2012
3.88%
4.79%
###
3.79%
4.08%
###
3.62%
2.80%

3/1/2002
3/1/2013
7/1/2005
9/4/2007
9/1/2009
###
1/2/2001
8/3/2009
5/1/2007
###
2/1/2011
###
3/1/2012
5/2/2005
9/3/2013
2/1/2010
4/1/2011
###
1/3/2006
9/1/2006
9/4/2012
6/1/2000
###
1/3/2011
8/1/2006
5/1/14
5/1/2013
8/1/2012
6/2/2014
2/1/2005
###
4/1/2013

3.61%
3.54%
3.53%
3.52%
3.51%
3.46%
3.41%
3.30%
3.20%
3.19%
3.15%
3.10%
3.09%
2.95%
2.93%
2.81%
2.81%
2.77%
2.51%
2.43%
2.39%
2.37%
2.33%
2.24%
2.11%
2.08%
2.06%
1.96%
1.89%
1.87%
1.79%
1.79%

6.85%
4.71%
-0.66%
1.88%
1.62%
2.64%
-15.33%
1.59%
-3.85%
0.21%
1.98%
4.65%
0.44%
-5.02%
1.78%
0.38%
2.72%
-1.41%
3.23%
0.67%
0.02%
-3.30%
-1.37%
0.40%
0.00%
-3.59%
-10.58%
-3.40%
4.28%
1.77%
1.45%
3.53%

6/1/2004
8/1/2003
###
1/2/2004
###
7/1/2003
###
4/1/2010
1/3/2007
###
8/1/2007
###
7/2/2012
2/2/2004
8/1/2008
4/3/2006
5/3/2004
6/2/2003
3/1/2006
2/1/2013
5/1/2008
3/1/2007
9/1/2004
###
3/3/2003
###
###
###
###
9/1/2005
3/3/2014
4/1/2014

1.78%
1.77%
1.76%
1.71%
1.63%
1.61%
1.47%
1.47%
1.40%
1.39%
1.28%
1.25%
1.25%
1.21%
1.21%
1.21%
1.20%
1.13%
1.10%
1.10%
1.06%
0.99%
0.93%
0.85%
0.83%
0.78%
0.75%
0.71%
0.70%
0.69%
0.69%
0.62%

1.74%
-1.12%
3.14%
6.07%
1.28%
-12.86%
2.54%
2.80%
2.00%
6.93%
8.61%
4.59%
-2.04%
2.33%
0.49%
-0.12%
-4.08%
2.94%
2.61%
1.85%
2.09%
3.06%
3.32%
5.38%
7.38%
-3.62%
8.26%
0.95%
-0.03%
0.64%
0.48%
4.48%

5/1/2001
7/3/2006
8/1/2002
###
###
8/2/2004
2/1/2006
6/1/2009
6/1/2006
6/1/2005
###
3/1/2011
###
8/1/14
###
###
3/3/2008
4/2/2012
###
5/1/2002
7/1/2008
7/2/2001
8/1/2005
9/2/2003
5/2/2011
6/3/2013
7/1/2014
1/2/2002
7/3/2000
3/1/2004
4/1/2004
2/3/2003

0.51%
0.51%
0.49%
0.40%
0.28%
0.23%
0.05%
0.02%
0.01%
-0.01%
-0.10%
-0.10%
-0.23%
-0.29%
-0.50%
-0.51%
-0.60%
-0.75%
-0.87%
-0.91%
-0.99%
-1.08%
-1.13%
-1.20%
-1.36%
-1.51%
-1.52%
-1.57%
-1.65%
-1.65%
-1.69%
-1.71%

-1.62%
3.18%
6.16%
-5.35%
-1.66%
4.21%
1.29%
3.07%
3.98%
7.86%
2.16%
0.88%
-2.37%
1.12%
0.79%
3.29%
1.77%
1.96%
1.89%
-17.27%
1.15%
-1.02%
-1.87%
4.20%
1.79%
0.86%
-2.82%
-11.85%
9.02%
2.86%
-7.04%
-21.34%

###
6/1/2007
6/1/2011
3/1/2005
###
###
2/1/2000
4/1/2005
2/1/2002
7/1/2011
2/1/2007
5/1/2000
6/1/2001
1/3/2005
1/2/2003
4/3/2000
5/1/2006
8/1/2013
7/2/2007
7/1/2004
2/1/2008
1/2/2014
1/4/2010
###
8/2/2010
9/1/2000
6/1/2010
8/1/2011
###
1/2/2008
4/1/2002
5/1/2012

-1.79%
-1.80%
-1.84%
-1.93%
-2.00%
-2.00%
-2.03%
-2.03%
-2.10%
-2.17%
-2.21%
-2.22%
-2.54%
-2.56%
-2.78%
-3.13%
-3.14%
-3.18%
-3.25%
-3.49%
-3.54%
-3.62%
-3.77%
-4.50%
-4.86%
-5.50%
-5.54%
-5.85%
-6.22%
-6.31%
-6.34%
-6.47%

-9.70%
-6.55%
0.43%
3.70%
0.48%
1.39%
-16.42%
4.12%
2.01%
-1.23%
0.98%
2.25%
-15.87%
5.58%
-13.76%
9.09%
-2.04%
-6.80%
-7.21%
5.79%
-4.97%
2.31%
-4.04%
4.33%
1.85%
13.66%
0.25%
3.06%
-1.03%
-7.83%
1.40%
3.70%

8/1/2001
3/1/2001
9/1/2011
6/3/2002
###
7/1/2002
###
9/4/2001
5/3/2010
1/2/2009
6/2/2008
9/2/2008
2/1/2001
2/2/2009
9/3/2002
###

-6.63%
-6.64%
-7.45%
-7.52%
-7.78%
-8.23%
-8.35%
-8.53%
-8.55%
-8.95%
-8.99%
-9.52%
-9.68%
-11.65%
-11.66%
-18.56%

2.52%
4.77%
5.55%
-2.90%
-3.66%
-19.89%
4.61%
-3.77%
-3.61%
0.94%
-6.14%
-0.05%
11.49%
-10.23%
-31.64%
-6.22%

Discrete Annual Compound Interest

Interest Rate
17.46%
Year

Cash Balance
0 $1,000.00
1 $1,174.62
2 $1,379.73
3 $1,620.66
4 $1,903.65
5 $2,236.07
6 $2,626.53
7 $3,085.17
8 $3,623.90
9 $4,256.70
10 $5,000.00

Use Solver when you have

and you want to find x so t
y has a target value, or is a

you can also place contrain

you can also solve when th
more than one variable: F(
use Solver to calculate

(1) What discrete annual in

results in $5,000 after 10
(2) What initial balance, at
results in $5,000 after 10 y
(3) Challenge problem
Suppose you wanted to kn
will $1000 at 7% be worth
Hint: this requires re-struct
so that the changing numb
See solution next sheet

e Solver when you have a function F(x) = y

d you want to find x so that
as a target value, or is at a maximum or minimum.

u can also place contraints on range of x

u can also solve when the function is on
re than one variable: F(x1, x2) = y.

e Solver to calculate

What discrete annual interest rate, at an initial balance of $1,000,

ults in $5,000 after 10 years?
17.46%
What initial balance, at an interest rate of 10%,
ults in $5,000 after 10 years?
Answer:
$1,927.72
Challenge problem
ppose you wanted to know: after how many years
l $1000 at 7% be worth $5,000?
nt: this requires re-structuring the formula
that the changing number of years is located in one cell location
e solution next sheet

of $1,000,

l location

Discrete Annual Compound Interest

Interest Rate
7.00%
Year

Cash Balance
0 $1,000.00
1 $1,070.00
2 $1,144.90
3 $1,225.04
4 $1,310.80
5 $1,402.55
6 $1,500.73
7 $1,605.78
8 $1,718.19
9 $1,838.46
10 $1,967.15

After how many years wil

number of years
restated formula
$5,000.00

how many years will $1000 at 7% be worth $5,000?

ber of years

23.78761

ted formula
(1+C4)^$G$8

Date
Adj Close - RSP
5/1/2015
4/1/2015
3/2/2015
2/2/2015
1/2/2015
12/1/2014
11/3/2014
10/1/2014
9/2/2014
8/1/2014
7/1/2014
6/2/2014
5/1/2014
4/1/2014
3/3/2014
2/3/2014
1/2/2014
12/2/2013
11/1/2013
10/1/2013
9/3/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013
4/1/2013
3/1/2013
2/1/2013
1/2/2013
12/3/2012
11/1/2012
10/1/2012
9/4/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/3/2012
12/1/2011

Adj Close - SPY

81.31
80.73
80.40
81.18
76.78
79.09
78.87
76.82
74.57
76.55
73.46
75.22
73.12
71.58
71.31
70.88
67.29
69.34
67.39
65.93
63.22
60.73
62.56
59.22
59.96
58.39
57.42
55.02
54.49
51.16
50.03
49.40
49.81
48.58
47.14
47.08
45.33
48.74
49.11
48.00
46.15
43.67

209.03
206.38
204.37
207.63
196.58
202.58
203.10
197.67
193.12
195.82
188.39
190.95
187.09
182.85
181.58
180.09
172.25
178.54
174.03
169.02
161.54
156.59
161.43
153.50
155.57
151.98
149.12
143.66
141.85
134.95
133.75
133.00
135.46
132.11
128.89
127.38
122.41
130.23
131.11
127.02
121.74
116.34

11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10/1/2008
9/2/2008
8/1/2008
7/1/2008
6/2/2008
5/1/2008

43.60
43.98
38.90
42.77
45.67
47.38
48.25
48.55
47.08
46.69
44.89
43.96
41.00
40.66
39.27
35.64
37.41
34.85
37.20
40.16
39.12
36.48
35.02
36.22
34.62
32.80
34.06
32.35
30.62
28.05
28.39
26.66
22.46
20.38
22.95
25.04
24.30
26.89
33.99
38.15
37.05
37.24
41.30

115.14
115.61
104.23
112.01
118.52
120.94
123.02
124.41
120.91
120.90
116.84
114.18
107.02
107.02
103.09
94.61
99.07
92.73
97.79
106.24
104.62
98.61
95.63
99.24
97.38
91.73
93.52
90.32
87.10
81.06
81.11
76.63
69.71
64.35
72.09
78.54
77.78
83.60
100.14
110.55
108.87
109.85
119.87

4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
11/1/2007
10/1/2007
9/4/2007
8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004

40.24
38.06
38.78
39.98
41.78
42.51
44.58
44.08
43.01
42.98
45.01
45.86
44.42
42.55
42.20
42.40
41.40
41.17
40.17
38.71
37.81
36.80
37.29
37.40
38.54
38.21
37.43
37.30
35.86
35.67
34.12
35.06
34.88
35.19
33.48
32.97
31.55
32.60
33.05
32.36
33.39
32.19
30.43

118.09
112.72
113.73
116.75
124.26
125.68
130.74
128.99
124.18
122.61
126.57
128.45
124.24
118.97
117.61
119.96
118.18
116.62
114.35
110.85
107.94
105.63
105.16
104.89
108.15
106.80
105.06
104.47
102.02
102.21
97.91
100.28
99.48
100.42
96.72
96.58
93.56
95.35
97.12
95.14
97.32
94.47
90.45

9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/2/2004
12/1/2003
11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003

29.72
28.98
29.01
30.40
29.50
29.00
29.70
29.90
29.34
28.66
27.25
26.69
24.96
25.34
24.29
23.73
23.53

89.30
88.41
88.19
91.13
89.47
87.97
89.66
90.87
89.65
87.91
83.70
82.80
78.59
79.46
77.85
76.47
75.67

Adj Close - Amazon

Adj Close - Duke energy

429.23
421.78
372.10
380.16
354.53
310.35
338.64
305.46
322.44
339.04
312.99
324.78
312.55
304.13
336.37
362.10
358.69
398.79
393.62
364.03
312.64
280.98
301.22
277.69
269.20
253.81
266.49
264.27
265.50
250.87
252.05
232.89
254.32
248.27
233.30
228.35
212.91
231.90
202.51
179.69
194.44
173.10

74.90
75.92
75.15
76.88
84.48
80.99
78.43
78.88
71.79
71.04
68.49
70.44
67.49
69.96
66.89
66.57
65.60
64.10
64.98
65.90
61.36
60.27
64.51
61.33
60.82
67.61
65.26
62.26
61.12
56.73
56.74
57.69
56.90
56.89
58.85
60.07
57.25
55.18
54.10
53.87
54.23
55.99

192.29
213.51
216.23
215.23
222.52
204.49
196.69
195.81
180.13
173.29
169.64
180.00
175.40
165.23
157.06
124.83
117.89
109.26
125.46
137.10
135.77
118.40
125.41
134.52
135.91
118.81
93.36
81.19
85.76
83.66
77.99
80.52
73.44
64.79
58.82
51.28
42.70
57.24
72.76
80.81
76.34
73.33
81.62

53.06
51.34
50.26
47.54
46.11
46.68
46.48
45.65
44.43
44.04
43.17
43.01
42.38
43.39
42.20
40.93
40.18
37.59
37.50
38.87
37.80
37.87
37.73
39.29
38.08
35.58
35.40
34.84
34.28
32.31
31.34
30.08
31.19
29.34
32.50
32.20
33.38
34.63
36.85
36.87
36.69
36.27
38.57

78.63
71.30
64.47
77.70
92.64
90.56
89.15
93.15
79.91
78.54
68.41
69.14
61.33
39.79
39.14
37.67
39.46
40.34
38.09
32.12
30.83
26.89
38.68
34.61
35.21
36.53
37.44
44.82
47.15
48.46
39.86
45.30
42.70
45.15
33.09
35.51
32.36
34.27
35.18
43.22
44.29
39.68
34.13

37.77
36.82
36.18
38.02
41.11
40.34
38.64
37.67
36.96
33.92
36.45
38.92
40.45
40.00
38.80
38.42
37.65
35.96
35.51
33.89
33.67
33.67
32.62
31.34
31.99
32.02
31.20
30.80
29.83
29.18
28.43
31.32
31.13
31.72
31.92
29.51
31.03
29.78
28.69
28.19
26.66
26.60
25.54

40.86
38.14
38.92
54.40
48.50
43.60
43.28
43.01
50.40
52.62
53.97
54.43
48.43
46.32
41.64
36.32
35.89

23.83
23.05
22.11
20.86
20.50
21.35
22.91
22.26
21.76
20.48
18.06
17.89
17.55
16.84
17.03
19.36
18.80

RSP

SPY
0.72%
0.41%
-0.96%
5.57%
-2.97%
0.28%
2.63%
2.98%
-2.62%
4.12%
-2.36%
2.82%
2.13%
0.38%
0.61%
5.20%
-3.01%
2.84%
2.20%
4.19%
4.03%
-2.96%
5.48%
-1.24%
2.65%
1.68%
4.27%
0.96%
6.30%
2.24%
1.27%
-0.83%
2.48%
3.02%
0.12%
3.79%
-7.25%
-0.75%
2.29%
3.93%
5.53%
0.16%

Amazon
Duke Energy
1.28%
1.75%
-1.35%
0.98%
12.53%
1.02%
-1.58%
-2.14%
-2.28%
5.47%
6.98%
-9.43%
-3.01%
13.31%
4.22%
-0.25%
-8.72%
3.21%
2.71%
10.31%
-0.57%
2.33%
-5.41%
9.41%
-1.39%
-5.02%
1.05%
3.87%
7.99%
3.67%
-1.35%
-3.70%
-2.82%
2.04%
3.84%
4.28%
2.29%
2.73%
-3.59%
0.69%
-10.08%
4.49%
0.83%
-7.37%
0.48%
4.45%
0.95%
1.47%
-3.59%
-10.60%
2.31%
2.56%
1.30%
-1.37%
2.92%
7.81%
-1.41%
4.53%
15.22%
7.15%
3.12%
10.68%
1.78%
-3.05%
-6.96%
-6.80%
5.04%
8.13%
5.06%
-1.34%
3.11%
0.85%
2.33%
5.89%
-10.58%
1.90%
-4.88%
3.53%
3.73%
0.84%
4.71%
1.27%
-0.46%
1.85%
4.99%
5.67%
7.46%
0.89%
-0.47%
-0.03%
0.56%
7.91%
-1.65%
-1.84%
-8.80%
1.38%
2.50%
2.41%
0.02%
2.47%
6.22%
-3.40%
1.18%
2.14%
-2.04%
3.98%
7.00%
4.80%
-6.19%
-8.54%
3.69%
-0.67%
13.55%
1.98%
3.17%
11.96%
0.43%
4.25%
-7.89%
-0.68%
4.53%
11.63%
-3.19%
1.04%
-10.51%
5.37%

-0.88%
12.28%
-9.48%
-6.56%
-3.68%
-1.82%
-0.62%
3.08%
0.83%
3.94%
2.09%
6.97%
0.82%
3.50%
9.70%
-4.87%
7.10%
-6.51%
-7.65%
2.62%
6.97%
4.10%
-3.37%
4.51%
5.39%
-3.77%
5.15%
5.49%
8.79%
-1.20%
6.26%
17.14%
9.75%
-11.91%
-8.71%
3.04%
-10.13%
-23.45%
-11.54%
2.92%
-0.50%
-10.36%
2.62%

-0.41%
10.36%
-7.19%
-5.65%
-2.02%
-1.70%
-1.13%
2.85%
0.01%
3.41%
2.30%
6.47%
0.00%
3.75%
8.58%
-4.60%
6.61%
-5.31%
-8.28%
1.54%
5.91%
3.07%
-3.70%
1.89%
5.98%
-1.94%
3.48%
3.63%
7.20%
-0.07%
5.68%
9.47%
8.00%
-11.37%
-8.57%
0.97%
-7.21%
-18.05%
-9.89%
1.53%
-0.90%
-8.73%
1.50%

-10.47%
-1.27%
0.46%
-3.33%
8.45%
3.89%
0.45%
8.35%
3.87%
2.13%
-5.93%
2.59%
5.97%
5.07%
22.97%
5.72%
7.60%
-13.83%
-8.87%
0.97%
13.69%
-5.75%
-7.01%
-1.03%
13.45%
24.11%
13.97%
-5.48%
2.48%
7.02%
-3.19%
9.20%
12.53%
9.67%
13.72%
18.31%
-29.31%
-23.99%
-10.49%
5.69%
4.02%
-10.71%
3.73%

3.30%
2.13%
5.55%
3.06%
-1.23%
0.43%
1.80%
2.72%
0.89%
1.97%
0.39%
1.47%
-2.35%
2.78%
3.04%
1.86%
6.65%
0.25%
-3.58%
2.78%
-0.18%
0.36%
-4.03%
3.13%
6.78%
0.51%
1.60%
1.62%
5.92%
3.06%
4.08%
-3.63%
6.12%
-10.23%
0.93%
-3.60%
-3.67%
-6.21%
-0.06%
0.50%
1.14%
-6.14%
2.10%

5.57%
-1.87%
-3.06%
-4.40%
-1.72%
-4.76%
1.11%
2.46%
0.08%
-4.62%
-1.87%
3.18%
4.31%
0.82%
-0.48%
2.38%
0.56%
2.46%
3.69%
2.37%
2.70%
-1.34%
-0.28%
-3.01%
0.86%
2.08%
0.34%
3.95%
0.53%
4.45%
-2.72%
0.50%
-0.88%
4.98%
1.53%
4.40%
-3.25%
-1.37%
2.11%
-3.13%
3.64%
5.63%
2.35%

4.66%
-0.90%
-2.62%
-6.24%
-1.13%
-3.95%
1.35%
3.80%
1.28%
-3.18%
-1.47%
3.34%
4.33%
1.15%
-1.98%
1.49%
1.33%
1.97%
3.10%
2.66%
2.16%
0.45%
0.26%
-3.06%
1.26%
1.64%
0.57%
2.37%
-0.19%
4.30%
-2.39%
0.80%
-0.94%
3.75%
0.15%
3.17%
-1.89%
-1.85%
2.07%
-2.27%
2.97%
4.36%
1.28%

9.79%
10.07%
-18.67%
-17.59%
2.27%
1.57%
-4.39%
15.33%
1.73%
13.81%
-1.06%
11.99%
43.27%
1.65%
3.83%
-4.64%
-2.21%
5.74%
17.05%
4.10%
13.67%
-36.36%
11.12%
-1.72%
-3.68%
-2.46%
-17.99%
-5.07%
-2.74%
19.54%
-12.79%
5.91%
-5.58%
31.08%
-7.06%
9.29%
-5.73%
-2.62%
-20.58%
-2.45%
10.99%
15.07%
-18.00%

2.54%
1.75%
-4.95%
-7.84%
1.90%
4.31%
2.54%
1.89%
8.60%
-7.19%
-6.56%
-3.87%
1.13%
3.05%
0.98%
2.01%
4.59%
1.26%
4.66%
0.66%
0.00%
3.18%
3.99%
-2.06%
-0.10%
2.61%
1.28%
3.23%
2.17%
2.62%
-9.68%
0.62%
-1.88%
-0.64%
7.87%
-5.05%
4.13%
3.71%
1.76%
5.60%
0.20%
4.10%
6.92%

2.54%
-0.10%
-4.68%
2.99%
1.73%
-2.39%
-0.68%
1.89%
2.34%
5.05%
2.09%
6.69%
-1.49%
4.22%
2.33%
0.86%

1.00%
0.24%
-3.27%
1.83%
1.70%
-1.91%
-1.33%
1.35%
1.96%
4.91%
1.09%
5.21%
-1.10%
2.04%
1.79%
1.06%

6.89%
-2.02%
-33.49%
11.48%
10.65%
0.74%
0.63%
-15.86%
-4.31%
-2.53%
-0.85%
11.68%
4.45%
10.65%
13.67%
1.19%

3.33%
4.17%
5.79%
1.74%
-4.05%
-7.06%
2.87%
2.30%
6.07%
12.54%
0.96%
1.89%
4.19%
-1.13%
-12.82%
2.90%

Copyright Daniel Egger/ At

gger/ Attribution 4.0 International (

ational (CC BY 4.0)