STOCK RATE OF RETURN   
                                                                                                 This program computes the annual                                                rates of return compounded for an                                               investment.                                                                                                                                                                                                                                      COPYRIGHT  CONTROL  DATA  1980 

STOCK RATE OF RETURN                                                                                               This program computes and displays                                              annual rates of return, compounded                                              annually, for an investment.                                                                                                                                    It is a modification of RETURN                                                       by J. Rocus                                                                 Amos Tuck School of Business

It lets the user analyze the per-                                               formance of a stock over a period                                               of years.                                                                                                               It uses the dividends per share                                                 and the closing stock price to                                                  compute the return rates.                                                                                               It assumes that all dividends are                                               reinvested in the same stock. 

INPUTS                                                                                                                 .  Number of years of data                                                      .  Starting year                                                                                                        .  For each year requested                                                         .  Dividend Per Share (DPS)                                                     .  Closing Security Price (CSP)  

                                                                                                                                                                                                                                                                                                                                                                          
OUTPUTS                                                                         The outputs are presented as tables.                                                                                                                            .  Average annual return.                                                       
.  Arithmetic average return for each year                                                                    
.  Average rate of return for all          
possible holding periods                                                     
.  Standard deviations                                                          
.  Coefficients of variation  


Enter the number of years for which     
you have data.                                                                  Note  N years of data will provide      
a base year and N-1 years of annual     
returns.                                                                        The value for years must be greater     
than 1 and less than 21.                                                                                                Number of years 3                                                               Enter the first year for which you      
wish to provide data.                                                                                                   First year 1972   

Enter (separated by a comma)              
.  Dividend Per Share (DPS)             
.  Closing Security Price (CSP)       
for each of the following 3 years.                                                            DPS,  CSP                                                         Year 1972     0.00,47.25                
Year 1973     1.05,49.25                
Year 1974     1.15,49.50                                                                                                                                                                                                                                                                                                                                                                                                                               -----------------------------------  

PERCENT RETURN ON INVESTMENT                  
COMPOUNDED ANNUALLY            
-----------------------------------                                              TO    1973    1974                                                            FROM                                                                            1972    6.46    9.42                    
1973            7.20   


AVERAGE RETURN FOR EACH YEAR HELD       
-----------------------------------                                             Average return from  1972 =    7.94     
Average return from  1973 =    7.20                                             -----------------------------------     
Average return for                      
all holding periods            7.69 


HOLDING      ARITHMETIC                 
PERIOD IN    AVERAGE   STAND. COEFF     
YEARS        RETURN    DEV.   VAR.                     
%        %      %                                                    
1         6.83     0.37   0.05          
2         9.42     0.00   0.00                                              All holding                             
periods       7.69     1.54   0.20                                                                                                                                                                                                                                                                                                                                                                                                                                                             ----------------------------------- 



 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       