mc rebalancing

7/30/2019 MC Rebalancing

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1 Type in the required data within the red boxes

2 Click on the Calculate button.

3 The initial Portfolio is split between the two assets according to the percentages defined by cells B4 a

4 Starting with m = 1 month, 100 monthly returns* are generated for assets A and B.

It is assumed that they are distributed lognormally, with the annual data converted to monthly, lognor

The two asset amounts are increased (decreased?) according to these monthly returns.

5 Every m months, the total Portfolio is rebalanced, to regain the percentages B4 and B5.

6 After 100 months, the Final Portfolio is saved then steps 4 and 5 are repeated with m = 2, m = 3,

Notes: There are then 100 x 30 = 3000 monthly returns for each of assets A and B.

The distribution of these 3000 random returns is shown together with a lognormal distribution.

The 30 Final Portfolios are also shown for each m-value assuming a constant monthly Portfolio return!!!

The Mean and Volatility for

all 3000 returns is also

given in cells H2-J3 * Monthly data is generated according to:MonthlyReturn = (1+AnnualReturn) (1/12)-

MonthlyStandardDeviation = AnnualStand

See: http://home.golden.net/~pjponzo/when-$150,000

$152,000

$154,000

$156,000

$158,000

$160,000

$162,000

$164,000

$166,000

$168,000

0 3 6 912

15

18

21

24

27

-50%

-38%

-26%

-14%

-2%

10%

22%

34%

46%

58%

Asset A: Return Dist'n

-19%

-14%

-9%

Asset B: Ret


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d B5.

a l data.

m = 30.

1

rdDeviation/SQRT(12)

o-rebalance.htm

- 0%

5%

10%

15%

19%

24%

urn Dist'n


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Asset A Asset B Monthly Const. r = 0.53% Actual Averages: 100 month

Mean Annual Return = 10.0% 5.0% 0.80% 0.41% $156,634 A Mean = 9.8%

Mean Annual Volatility = 20.0% 8.0% 5.77% 2.31% $162,994 A Volatility = 19.4%

Allocation = 60.0% 40.0% $164,958

Initial Portfolio = $100,000 $165,824

Cost per Rebalancing = $100 $166,253

$166,464

$166,551

$166,562

$166,522

$166,447

$166,347

$166,229

$166,097

$165,955

$165,805

$165,649

$165,488

$165,323

$165,155

$164,985

$164,813

$164,640

$164,466

$164,292

$164,117

$163,941

30 Sample Portfolios (over 100 months) $163,766

21-month rebalancing is best $163,591

24-month rebalancing is worst $163,416

Constant r =0.53% monthly gain and $100 rebalancing cost $163,241

100,000*((1+0.53*m/100)^(100/m)-(0.188/m)*((1+0.53*m/100)^(100/m)-1))

$0

$50,000

$100,000

$150,000

$200,000

$250,000

1 3 5 7 911

13

15

17

19

21

23

25

27

29

21-month rebalancing is best

24-month rebalancing is worst

$0

$50,000

$100,000

$150,000

$200,000

$250,000

010

20

30

40

50

60

30 Sample Portfolios (over 100 months)

$150,000

$152,000

$154,000

$156,000

$158,000

$160,000

$162,000

$164,000

$166,000

$168,000

0 2 4 6 810

12

14

16

18

Constant r =0.53% monthly gain and $1

100,000*((1+0.53*m/100)^(100/m)-(0.188/m)*((1+

-50%

-38%

-26%

-14%

-2%

10%

22%

34%

46%

58%

Asset A: Return Dist'n

-19%

-14%

-9%

-5%

0%

5%

10%

15%

19%

24%

Asset B: Return Dist'n


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x 30 = 3000 months 0 Finals 1 2 3 4 5 6 7 8

B Mean = 5.1% 1 $150,927 $100,962 $100,482 $99,659 $101,542 $99,962 $101,968 $101,135 $101,4

B Volatility = 7.8% 2 $169,991 $101,454 $101,161 $99,747 $103,065 $99,993 $102,712 $102,406 $102,7

3 $162,553 $101,624 $101,565 $100,142 $103,316 $99,951 $103,838 $102,703 $102,8

4 $164,394 $100,297 $102,873 $100,075 $103,222 $100,815 $104,482 $102,034 $103,9

5 $167,043 $101,701 $103,273 $100,398 $104,059 $101,492 $104,203 $104,079 $105,0

6 $159,127 $100,558 $103,123 $102,985 $103,209 $104,533 $105,833 $105,471 $105,2

7 $174,138 $102,210 $103,784 $101,140 $104,354 $104,694 $107,696 $104,732 $106,8

8 $181,004 $102,829 $105,307 $101,365 $105,118 $105,911 $109,391 $105,629 $105,8

9 $166,465 $103,938 $105,248 $103,182 $104,852 $106,807 $108,625 $105,554 $105,3

10 $172,854 $105,865 $104,763 $102,564 $107,432 $106,996 $108,325 $106,292 $106,5

11 $183,079 $106,596 $104,672 $100,735 $107,713 $109,150 $107,712 $105,657 $104,9

12 $169,716 $105,594 $105,125 $100,675 $108,439 $110,102 $110,141 $106,333 $106,1

13 $166,588 $105,854 $105,415 $103,378 $107,409 $109,583 $110,727 $104,877 $106,0

14 $154,535 $106,731 $106,528 $104,297 $109,117 $111,038 $110,302 $106,708 $106,8

15 $180,224 $106,445 $107,601 $103,598 $108,500 $110,987 $109,862 $108,457 $107,6

16 $196,476 $108,100 $107,373 $102,636 $109,621 $111,643 $110,978 $107,961 $108,2

17 $174,798 $109,396 $107,623 $104,135 $110,182 $110,636 $110,003 $109,502 $109,7

18 $202,053 $111,019 $106,240 $104,168 $110,786 $109,769 $110,812 $109,341 $111,5

19 $163,066 $112,609 $107,522 $105,092 $111,140 $110,538 $111,126 $111,350 $110,9

20 $164,579 $112,441 $107,605 $105,598 $110,676 $111,127 $111,776 $111,812 $111,9

21 $206,054 $112,503 $106,777 $105,208 $113,168 $111,500 $112,356 $111,879 $114,7

22 $163,029 $112,869 $105,824 $105,852 $113,961 $110,548 $113,918 $111,239 $116,8

23 $180,075 $113,210 $106,525 $106,451 $115,558 $111,449 $114,226 $111,456 $116,9

24 $146,735 $112,683 $106,230 $106,675 $116,720 $111,186 $115,238 $111,856 $116,4

25 $166,128 $112,141 $107,635 $107,148 $116,377 $111,591 $114,532 $113,284 $118,1

26 $156,798 $112,024 $108,224 $109,871 $116,962 $112,160 $113,274 $112,539 $119,1

27 $194,476 $112,467 $109,097 $113,038 $117,315 $111,701 $113,360 $112,213 $118,7

28 $180,524 $114,990 $110,090 $113,665 $117,030 $112,583 $114,097 $114,452 $119,1

29 $179,141 $114,619 $108,512 $116,447 $117,401 $113,655 $113,496 $115,885 $117,7

30 $168,027 $114,241 $108,593 $116,142 $118,914 $114,045 $112,825 $115,686 $118,5

31 $114,470 $111,535 $114,469 $120,618 $113,901 $113,723 $117,308 $118,0

32 $115,444 $112,516 $115,246 $121,206 $112,964 $113,333 $117,348 $119,3

33 $116,096 $113,603 $114,349 $123,150 $112,710 $113,590 $117,836 $121,4

34 $115,757 $113,695 $114,751 $124,190 $112,378 $113,171 $118,141 $123,0

35 $114,801 $115,627 $114,710 $125,878 $111,316 $113,892 $119,133 $124,0

36 $116,509 $116,449 $115,995 $127,254 $112,962 $114,321 $119,744 $123,0

37 $117,787 $115,512 $116,224 $127,244 $115,038 $116,495 $117,875 $122,8

38 $118,164 $114,527 $117,850 $128,018 $115,301 $116,212 $119,810 $123,1

39 $119,166 $117,000 $119,159 $127,978 $116,140 $118,158 $121,196 $123,9

40 $119,133 $118,079 $120,049 $128,757 $116,187 $118,987 $122,329 $124,3

41 $120,004 $117,803 $121,124 $129,585 $116,471 $118,946 $124,066 $125,5

42 $122,351 $117,892 $120,921 $129,590 $116,584 $117,931 $124,943 $128,6

43 $120,764 $118,220 $122,286 $129,579 $116,067 $118,532 $126,888 $129,0

44 $122,794 $119,347 $124,242 $130,327 $117,023 $118,527 $128,991 $129,7

45 $123,884 $120,558 $125,695 $129,938 $117,856 $119,620 $128,038 $130,4

46 $124,471 $121,511 $125,616 $129,223 $117,296 $119,263 $129,026 $134,0

47 $124,553 $122,270 $123,703 $130,490 $119,200 $119,901 $130,174 $135,4

48 $123,944 $123,781 $126,883 $130,726 $119,054 $119,125 $129,784 $138,0

70

80

90

20

22

24

26

28

0 rebalancing cost

.53*m/100)^(100/m)-1))


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51 $123,324 $124,758 $129,792 $129,590 $122,274 $121,283 $134,306 $141

52 $122,752 $125,612 $128,993 $131,170 $123,180 $122,101 $135,358 $144

53 $122,707 $127,114 $128,970 $132,720 $123,041 $122,457 $137,711 $148

54 $123,077 $130,204 $129,603 $133,722 $121,930 $122,340 $137,684 $147

55 $125,488 $131,881 $130,229 $135,543 $122,894 $122,915 $138,407 $148

56 $126,003 $133,809 $133,535 $135,942 $125,296 $122,502 $139,483 $149

57 $125,442 $133,717 $134,474 $136,150 $126,586 $121,375 $138,671 $148

58 $126,129 $135,522 $135,106 $137,062 $126,516 $122,938 $139,650 $147

59 $127,305 $135,234 $134,556 $137,737 $127,329 $123,399 $142,204 $146

60 $125,246 $134,366 $132,370 $138,864 $128,607 $121,314 $141,574 $146

61 $123,818 $135,046 $132,896 $137,454 $127,239 $123,764 $143,398 $145

62 $123,549 $133,959 $134,063 $140,210 $125,945 $124,806 $143,957 $145

63 $124,155 $135,492 $132,550 $141,335 $127,317 $128,460 $145,523 $149

64 $125,223 $135,824 $131,263 $141,425 $127,025 $129,913 $146,476 $146

65 $126,440 $138,019 $132,306 $140,909 $128,997 $129,234 $147,323 $148

66 $126,193 $138,356 $133,071 $141,539 $129,194 $132,231 $148,702 $148

67 $126,531 $138,093 $135,668 $141,591 $127,811 $134,015 $148,669 $150

68 $126,118 $138,262 $136,590 $142,645 $130,902 $133,284 $150,737 $151

69 $128,422 $139,259 $137,678 $140,996 $133,594 $131,646 $149,813 $153

70 $127,707 $139,942 $136,271 $140,223 $133,508 $133,677 $149,224 $153

71 $127,983 $141,513 $138,460 $140,740 $135,260 $135,380 $150,790 $153

72 $128,293 $142,080 $138,792 $141,058 $135,215 $134,666 $151,042 $155

73 $127,962 $144,076 $139,941 $143,476 $137,050 $136,202 $152,191 $157

74 $128,513 $143,592 $141,750 $142,889 $137,044 $135,495 $153,547 $157

75 $130,394 $142,846 $141,452 $142,446 $137,292 $134,592 $152,687 $158

76 $130,640 $144,735 $144,519 $144,329 $139,814 $135,750 $152,869 $158

77 $132,830 $144,953 $145,046 $144,216 $143,070 $135,255 $157,102 $158

78 $132,885 $145,661 $146,946 $146,132 $143,789 $135,977 $157,432 $159

79 $132,273 $147,258 $145,324 $147,264 $144,777 $135,667 $158,859 $161

80 $130,519 $145,994 $144,043 $148,532 $142,602 $133,611 $161,692 $160

81 $131,911 $146,449 $145,314 $150,254 $142,854 $135,019 $161,980 $161

82 $131,659 $146,820 $143,246 $151,053 $143,314 $135,594 $161,336 $162

83 $131,362 $146,359 $144,059 $151,208 $142,860 $137,553 $165,032 $165

84 $129,971 $149,068 $144,472 $151,944 $143,027 $138,769 $165,380 $164

85 $129,982 $151,534 $146,038 $152,924 $142,364 $138,912 $165,238 $164

86 $131,085 $155,384 $145,701 $152,929 $144,451 $138,220 $164,396 $165

87 $133,290 $157,097 $146,160 $155,224 $144,665 $140,311 $165,808 $165

88 $133,578 $157,845 $147,992 $159,631 $147,698 $140,460 $164,443 $168

89 $134,546 $159,681 $149,651 $162,177 $147,655 $144,588 $163,372 $172

90 $136,907 $160,512 $150,394 $163,598 $150,713 $145,601 $165,288 $172

91 $139,429 $160,266 $152,213 $163,137 $151,999 $145,479 $166,045 $170

92 $139,234 $160,696 $153,570 $164,785 $152,999 $148,018 $166,188 $172

93 $139,563 $160,773 $154,810 $164,510 $155,341 $150,030 $165,783 $172

94 $142,831 $159,808 $155,349 $164,771 $157,571 $150,966 $166,063 $172

95 $140,967 $162,005 $157,170 $165,148 $159,601 $151,145 $165,994 $172

96 $142,302 $163,889 $156,378 $165,915 $162,857 $151,087 $165,385 $176

97 $143,019 $164,377 $159,020 $163,668 $165,195 $153,169 $168,387 $178

98 $145,375 $166,630 $159,164 $165,019 $166,262 $155,972 $172,576 $179

99 $146,872 $167,819 $160,849 $163,418 $167,014 $158,869 $174,910 $180

100 $150 927 $169 991 $162 553 $164 394 $167 043 $159 127 $174 138 $181


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10 11 12 13 14 15 16 17 18 19 20 21 22 23

$100,126 $101,079 $100,558 $99,701 $100,256 $101,167 $100,755 $100,942 $101,790 $99,989 $100,756 $99,780 $100,300 $99,692

$101,959 $101,994 $102,491 $100,181 $100,441 $102,932 $100,987 $100,395 $101,612 $100,162 $102,486 $100,312 $101,659 $101,339

$102,903 $101,155 $103,455 $100,193 $100,687 $103,465 $101,360 $101,527 $102,182 $101,038 $103,350 $101,066 $101,089 $102,865

$102,999 $102,504 $102,683 $100,925 $101,355 $105,011 $101,750 $101,791 $103,807 $101,160 $104,609 $100,978 $101,778 $102,885

$102,058 $104,471 $101,375 $101,727 $102,208 $106,833 $101,608 $101,607 $105,664 $101,959 $107,383 $100,988 $101,822 $103,980

$100,920 $105,577 $102,556 $102,543 $103,401 $104,804 $102,432 $103,755 $106,596 $102,422 $108,972 $104,176 $102,731 $102,861

$101,364 $104,356 $103,713 $102,860 $103,666 $107,098 $103,514 $103,961 $107,734 $100,935 $109,341 $105,509 $103,217 $103,029

$102,462 $105,236 $104,494 $104,008 $104,513 $106,195 $104,957 $105,672 $108,654 $100,811 $111,081 $106,922 $104,286 $103,554

$103,854 $105,260 $106,058 $103,272 $104,399 $107,417 $103,801 $105,439 $110,178 $100,863 $110,747 $108,172 $105,530 $104,308

$105,430 $106,800 $106,733 $103,182 $105,532 $106,936 $106,248 $105,451 $111,173 $102,668 $109,980 $108,591 $107,558 $107,044

$105,286 $106,435 $106,049 $103,124 $104,204 $105,876 $107,863 $104,905 $111,772 $103,366 $110,444 $109,710 $108,925 $108,517

$106,526 $108,077 $106,009 $102,334 $105,144 $106,961 $107,716 $106,510 $111,982 $104,974 $111,324 $111,141 $109,297 $107,902

$108,802 $108,579 $105,698 $102,998 $105,240 $105,969 $108,248 $109,192 $112,179 $104,646 $112,976 $112,371 $110,691 $109,696

$108,661 $108,241 $108,023 $103,307 $107,614 $106,557 $109,079 $110,606 $112,779 $104,747 $113,841 $112,345 $110,872 $112,096

$108,910 $109,495 $108,604 $104,521 $109,690 $107,644 $110,775 $110,033 $113,087 $106,435 $113,538 $112,014 $111,415 $113,113

$108,825 $108,741 $107,301 $104,584 $110,215 $106,260 $111,324 $110,486 $112,599 $107,806 $115,087 $113,183 $110,234 $113,720

$111,116 $110,958 $108,092 $105,174 $110,908 $105,306 $110,865 $111,836 $111,429 $108,842 $116,385 $114,162 $111,317 $114,736

$110,531 $112,500 $108,323 $105,185 $111,836 $106,947 $111,921 $112,093 $109,538 $109,076 $116,379 $114,962 $110,011 $114,488

$110,996 $111,909 $108,943 $107,852 $111,736 $107,717 $113,043 $112,904 $111,368 $109,515 $117,489 $115,492 $111,402 $115,963

$113,396 $113,498 $109,707 $108,916 $113,723 $106,857 $113,834 $112,676 $111,568 $111,189 $118,589 $116,013 $113,017 $115,796

$113,776 $114,346 $108,676 $108,803 $111,947 $108,612 $116,444 $111,138 $112,966 $112,387 $118,376 $116,369 $111,719 $115,211

$113,842 $114,693 $110,120 $111,322 $111,777 $108,135 $115,714 $110,816 $114,497 $111,416 $120,050 $116,633 $112,444 $115,157

$114,861 $114,784 $111,060 $112,760 $113,739 $109,136 $115,888 $111,472 $115,827 $112,671 $121,490 $119,379 $114,243 $115,086

$115,750 $116,354 $110,654 $113,824 $115,538 $108,340 $116,569 $112,213 $115,830 $114,628 $122,460 $121,009 $114,763 $114,980

$115,726 $117,253 $112,788 $114,957 $114,452 $109,819 $117,372 $114,452 $114,149 $113,750 $119,816 $121,862 $116,033 $117,830

$116,179 $116,420 $113,311 $114,104 $113,318 $110,378 $117,787 $114,488 $114,311 $114,779 $119,370 $123,650 $117,321 $116,238

$117,424 $116,344 $114,303 $115,273 $116,158 $109,364 $117,279 $115,375 $114,968 $116,349 $121,014 $126,175 $116,810 $117,986

$119,065 $116,490 $115,554 $115,833 $116,633 $108,885 $120,012 $115,718 $114,827 $116,855 $120,814 $129,257 $115,515 $119,904

$119,607 $117,890 $115,665 $115,751 $117,279 $109,434 $121,391 $116,923 $114,861 $115,077 $120,615 $131,172 $115,113 $121,529 $121,489 $118,673 $116,260 $117,395 $116,756 $110,390 $124,585 $118,100 $116,747 $116,798 $122,485 $129,349 $115,156 $123,173

$123,445 $120,848 $116,725 $118,103 $116,840 $112,172 $126,285 $116,792 $117,147 $117,027 $122,710 $129,939 $115,135 $124,215

$124,041 $121,268 $116,025 $117,678 $116,513 $112,224 $125,401 $116,346 $118,076 $117,854 $125,050 $131,728 $114,729 $124,239

$124,746 $121,021 $116,470 $117,516 $116,823 $112,866 $125,734 $115,978 $119,234 $118,444 $124,120 $133,860 $115,136 $124,012

$124,818 $122,781 $117,626 $119,436 $116,860 $112,766 $128,571 $114,446 $119,377 $117,880 $125,593 $135,401 $115,535 $124,579

$123,675 $123,402 $119,075 $120,919 $118,733 $114,070 $130,001 $114,685 $121,175 $119,320 $126,064 $137,116 $115,575 $126,245

$122,511 $124,419 $120,156 $120,300 $119,381 $113,493 $131,659 $114,139 $123,339 $120,013 $128,403 $137,762 $115,208 $127,186

$123,317 $126,669 $120,086 $121,410 $119,492 $114,645 $134,665 $117,073 $123,925 $117,952 $125,795 $139,001 $117,466 $127,855

$123,763 $128,543 $122,479 $122,187 $119,803 $113,882 $134,730 $116,338 $125,438 $115,398 $125,061 $140,602 $119,305 $127,841

$125,596 $129,928 $122,229 $123,253 $121,908 $113,530 $134,869 $117,204 $124,901 $116,535 $127,018 $142,029 $121,804 $127,885

$126,294 $129,555 $121,245 $126,158 $121,869 $113,911 $135,827 $118,234 $125,316 $117,802 $126,386 $140,288 $122,905 $128,514

$125,517 $130,672 $121,128 $126,641 $122,177 $115,814 $136,698 $117,579 $126,722 $119,918 $126,354 $144,738 $126,952 $128,921

$125,914 $132,151 $122,610 $127,490 $122,439 $117,505 $137,477 $116,623 $125,955 $120,476 $126,405 $145,009 $126,877 $129,629

$127,082 $131,275 $126,357 $127,150 $122,318 $118,634 $139,910 $117,445 $125,933 $122,012 $126,617 $146,150 $128,119 $128,874

$128,031 $130,676 $127,189 $127,379 $122,576 $119,914 $142,808 $117,526 $125,351 $122,450 $126,168 $147,671 $129,707 $130,818

$126,838 $132,409 $127,042 $128,663 $122,115 $119,833 $141,705 $119,551 $127,657 $121,764 $128,490 $147,124 $130,673 $130,330

$128,235 $136,277 $128,290 $129,025 $125,053 $120,766 $142,000 $119,596 $129,960 $121,351 $129,236 $148,430 $132,036 $128,335

$130,153 $137,539 $127,222 $128,042 $123,911 $122,673 $144,419 $119,502 $129,803 $121,600 $128,412 $150,479 $133,960 $127,093

$129 248 $137 976 $126 476 $130 261 $121 234 $121 436 $145 386 $119 541 $130 235 $123 027 $129 987 $149 160 $134 278 $127 907


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$134,534 $143,928 $127,576 $131,958 $120,758 $124,890 $150,832 $120,334 $139,214 $126,286 $133,116 $150,314 $136,192 $130,976

$135,609 $143,102 $125,968 $133,331 $121,301 $126,499 $151,334 $120,714 $141,588 $125,780 $133,314 $152,434 $137,061 $131,089

$136,274 $143,501 $125,348 $133,935 $123,641 $128,587 $153,021 $120,893 $141,364 $127,382 $134,583 $152,584 $136,744 $132,770

$136,314 $142,801 $124,752 $133,006 $123,838 $129,840 $154,344 $121,289 $140,754 $129,744 $132,495 $154,709 $138,106 $134,200

$137,218 $145,015 $122,927 $132,513 $122,762 $129,175 $156,434 $121,692 $140,900 $131,228 $134,137 $153,276 $139,298 $133,232

$137,084 $144,799 $122,736 $134,133 $125,316 $128,884 $158,126 $125,488 $140,816 $133,485 $132,873 $154,504 $140,332 $133,854

$138,481 $143,774 $123,473 $133,864 $126,601 $128,354 $158,108 $125,559 $142,696 $133,128 $134,358 $155,256 $140,519 $135,342

$140,195 $144,325 $125,521 $136,167 $127,330 $128,588 $156,112 $126,548 $147,154 $136,642 $134,138 $158,131 $140,237 $135,943

$138,782 $142,192 $124,672 $136,759 $127,701 $130,953 $155,197 $127,189 $149,049 $137,214 $133,961 $158,484 $139,135 $136,002

$140,534 $143,624 $126,375 $136,758 $130,300 $131,220 $155,508 $125,410 $151,432 $137,956 $134,008 $161,775 $141,662 $137,442

$141,680 $142,084 $127,180 $137,647 $131,997 $130,934 $153,465 $124,809 $151,979 $139,888 $133,435 $162,714 $140,384 $138,240

$142,915 $143,364 $127,026 $137,965 $131,219 $134,856 $152,658 $126,096 $154,411 $141,149 $132,041 $164,909 $140,023 $139,851

$142,898 $145,464 $130,209 $138,117 $129,675 $134,194 $154,572 $128,117 $153,069 $140,138 $133,645 $168,585 $141,823 $141,649

$142,382 $147,508 $129,587 $139,848 $128,868 $133,924 $152,498 $128,887 $153,272 $138,948 $132,979 $170,275 $144,685 $144,138

$141,449 $148,305 $131,042 $140,607 $129,324 $136,146 $155,057 $128,937 $154,349 $140,409 $135,605 $173,395 $145,300 $144,223

$140,459 $149,262 $131,885 $141,189 $130,115 $138,245 $156,611 $130,580 $154,788 $141,540 $135,519 $174,514 $145,470 $144,685

$140,902 $152,410 $135,008 $141,250 $131,831 $141,762 $156,943 $130,995 $154,862 $142,325 $137,764 $175,855 $145,090 $146,409

$143,007 $154,173 $134,424 $144,186 $133,334 $142,529 $157,674 $132,800 $153,816 $142,542 $137,125 $176,109 $146,711 $146,009

$146,858 $155,257 $136,643 $147,315 $132,219 $144,543 $160,191 $134,022 $151,651 $143,239 $138,034 $176,375 $147,260 $149,153

$147,690 $155,695 $138,633 $146,228 $132,286 $144,920 $157,623 $134,714 $154,354 $143,801 $138,035 $176,397 $148,162 $152,500

$148,960 $157,916 $137,938 $147,027 $133,176 $145,652 $159,389 $134,155 $153,975 $143,203 $137,347 $178,941 $149,405 $153,679

$149,151 $162,046 $140,710 $146,956 $133,127 $146,212 $159,508 $135,847 $156,260 $144,355 $137,491 $180,433 $147,873 $152,955

$149,574 $165,563 $140,550 $149,136 $132,715 $146,561 $161,181 $137,035 $159,923 $144,331 $139,863 $181,632 $147,840 $155,218

$146,582 $168,170 $141,975 $148,297 $134,169 $149,061 $162,315 $136,441 $161,249 $147,658 $140,740 $178,014 $146,171 $157,999

$148,521 $170,830 $140,867 $148,947 $135,039 $150,465 $163,836 $136,536 $165,225 $149,961 $142,798 $177,516 $147,618 $157,689

$150,377 $171,248 $142,977 $149,062 $134,123 $152,734 $164,483 $138,254 $168,636 $154,348 $141,497 $176,166 $148,291 $157,404

$148,990 $172,216 $144,158 $149,930 $135,161 $153,450 $165,842 $140,530 $168,813 $156,614 $141,683 $177,510 $147,335 $155,317

$147,085 $173,705 $145,698 $153,111 $135,819 $153,745 $166,726 $139,909 $167,864 $157,341 $142,399 $177,473 $148,954 $158,845

$147,495 $172,940 $145,953 $151,843 $134,612 $153,420 $168,499 $141,277 $169,616 $157,105 $144,115 $176,724 $147,943 $160,474

$148,834 $171,163 $144,993 $153,365 $137,399 $158,516 $168,846 $143,102 $171,213 $155,991 $145,776 $178,922 $149,627 $163,400

$150,534 $170,314 $145,711 $155,327 $139,732 $159,588 $170,694 $145,901 $175,685 $158,319 $145,697 $180,357 $151,616 $162,659

$150,377 $172,460 $148,958 $155,673 $140,292 $158,867 $170,808 $144,943 $176,105 $159,680 $145,756 $181,856 $152,177 $162,285

$152,611 $170,337 $151,055 $155,882 $139,025 $160,920 $170,945 $147,289 $179,202 $161,208 $145,692 $185,059 $151,946 $163,735

$155,123 $171,109 $153,492 $157,733 $141,319 $159,024 $170,869 $149,939 $178,821 $161,959 $147,362 $184,802 $150,843 $166,020

$154,887 $173,379 $152,245 $157,727 $141,001 $161,739 $169,840 $152,916 $181,986 $161,944 $148,182 $185,764 $154,446 $167,911

$157,202 $172,413 $153,305 $157,434 $141,616 $161,136 $173,051 $153,022 $182,581 $162,134 $149,027 $188,349 $153,972 $165,328

$156,632 $173,755 $154,668 $158,835 $143,794 $161,082 $176,502 $154,229 $182,037 $162,472 $148,521 $190,876 $152,390 $167,920

$156,433 $174,764 $154,686 $159,836 $146,292 $162,757 $177,972 $154,799 $183,409 $163,963 $151,952 $191,440 $153,928 $167,937

$156,758 $177,431 $155,133 $159,253 $146,282 $163,418 $179,232 $156,460 $183,053 $165,890 $154,441 $191,973 $153,944 $168,507

$158,535 $176,745 $156,441 $161,172 $145,160 $162,684 $180,516 $157,510 $184,616 $163,408 $157,606 $192,739 $155,859 $172,611

$161,479 $176,769 $157,001 $160,411 $147,784 $165,353 $182,039 $158,178 $186,877 $162,244 $157,695 $195,573 $156,587 $170,986

$163,724 $175,707 $159,466 $161,041 $147,106 $168,633 $181,909 $159,597 $188,309 $161,663 $158,220 $195,828 $158,359 $173,979

$163,033 $178,043 $160,129 $161,877 $146,308 $171,148 $182,997 $163,246 $188,125 $160,247 $158,376 $198,379 $157,677 $173,717

$166,268 $176,659 $160,530 $162,786 $147,529 $172,087 $184,956 $166,403 $189,715 $160,679 $162,182 $198,348 $159,386 $176,890

$167,511 $177,999 $161,833 $163,466 $147,497 $172,224 $186,769 $167,496 $192,046 $159,950 $163,098 $197,172 $160,729 $178,662

$167,494 $177,812 $162,038 $161,405 $147,499 $173,096 $191,354 $168,597 $194,294 $162,236 $162,591 $200,455 $160,412 $179,557

$165,076 $179,749 $165,544 $161,055 $148,150 $176,283 $188,891 $170,708 $194,925 $162,208 $163,842 $203,149 $162,732 $178,391

$167,200 $178,444 $165,845 $164,457 $148,596 $177,265 $189,319 $171,749 $195,819 $161,250 $164,465 $203,983 $162,352 $181,993

$169,704 $181,788 $167,830 $166,732 $150,066 $177,085 $193,806 $173,643 $196,142 $164,097 $163,167 $202,989 $162,756 $180,415

$172 854 $183 079 $169 716 $166 588 $154 535 $180 224 $196 476 $174 798 $202 053 $163 066 $164 579 $206 054 $163 029 $180 075


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25 26 27 28 29 30 Table-Lookup Asset A: Return Dist'n Asset B: Return Dist'n 7.90%

$100,498 $100,948 $98,973 $102,495 $101,359 $99,272 0.0025 -2.807 -50.0% 0.0% -19.0% 0.0% 0.0%

$101,470 $102,422 $99,980 $104,492 $100,100 $99,528 0.0050 -2.576 -48.8% 0.0% -18.5% 0.0% 0.0%

$101,363 $103,583 $99,882 $105,241 $100,854 $99,960 0.0075 -2.432 -47.6% 0.0% -18.0% 0.0% 0.0%

$101,889 $102,538 $100,631 $106,401 $100,675 $100,583 0.0100 -2.326 -46.4% 0.0% -17.6% 0.0% 0.0%

$102,311 $102,123 $102,542 $107,026 $101,635 $100,734 0.0125 -2.241 -45.2% 0.0% -17.1% 0.0% 0.0%

$103,181 $100,965 $103,157 $107,995 $102,427 $101,246 0.0150 -2.170 -44.0% 0.0% -16.6% 0.0% 0.0%

$103,894 $100,981 $102,877 $110,461 $103,703 $103,001 0.0175 -2.108 -42.8% 0.0% -16.1% 0.0% 0.0%

$103,238 $101,495 $103,370 $111,114 $104,940 $102,262 0.0200 -2.054 -41.6% 0.0% -15.6% 0.0% 0.0%

$103,542 $102,600 $103,292 $110,737 $106,274 $102,720 0.0225 -2.005 -40.4% 0.0% -15.2% 0.4% 0.0%

$102,570 $102,857 $102,661 $110,459 $107,227 $103,328 0.0250 -1.960 -39.2% 0.0% -14.7% 0.0% 0.1%

$101,842 $102,349 $104,306 $110,162 $107,651 $104,021 0.0275 -1.919 -38.0% 0.0% -14.2% 0.0% 0.1% $102,171 $104,582 $103,989 $110,249 $107,171 $104,626 0.0300 -1.881 -36.8% 0.0% -13.7% 0.1% 0.1%

$103,622 $104,110 $104,516 $112,261 $107,686 $104,418 0.0325 -1.845 -35.6% 0.0% -13.2% 0.0% 0.2%

$105,237 $105,498 $104,061 $112,728 $108,374 $105,253 0.0350 -1.812 -34.4% 0.3% -12.8% 0.1% 0.3%

$106,326 $106,643 $103,743 $112,943 $110,391 $107,271 0.0375 -1.780 -33.2% 0.0% -12.3% 0.1% 0.4%

$107,402 $108,366 $103,464 $112,785 $111,754 $106,457 0.0400 -1.751 -32.0% 0.0% -11.8% 0.0% 0.5%

$106,612 $109,718 $103,890 $114,302 $113,436 $106,292 0.0425 -1.722 -30.8% 0.3% -11.3% 0.2% 0.7%

$106,209 $110,934 $103,699 $115,053 $115,342 $108,524 0.0450 -1.695 -29.6% 0.2% -10.8% 0.3% 0.9%

$108,013 $112,551 $104,422 $115,544 $115,422 $107,687 0.0475 -1.670 -28.4% 0.2% -10.4% 0.5% 1.1%

$108,585 $113,812 $106,189 $117,003 $113,076 $108,626 0.0500 -1.645 -27.2% 0.1% -9.9% 0.1% 1.4%

$109,626 $115,679 $105,809 $118,209 $115,276 $110,103 0.0525 -1.621 -26.0% 0.6% -9.4% 0.4% 1.8%

$109,628 $117,058 $106,542 $118,511 $116,370 $110,030 0.0550 -1.598 -24.8% 0.1% -8.9% 0.5% 2.2%

$109,372 $116,317 $108,235 $118,324 $116,194 $111,376 0.0575 -1.576 -23.6% 0.3% -8.4% 0.3% 2.7%

$109,266 $113,923 $107,458 $120,006 $118,712 $110,509 0.0600 -1.555 -22.4% 0.7% -8.0% 0.8% 3.3%

$108,127 $113,531 $107,164 $122,581 $119,200 $111,476 0.0625 -1.534 -21.2% 0.4% -7.5% 0.4% 3.9%

$109,594 $113,376 $107,904 $121,210 $116,454 $110,891 0.0650 -1.514 -20.0% 0.9% -7.0% 0.9% 4.7%

$108,787 $113,392 $107,748 $121,612 $116,127 $112,492 0.0675 -1.495 -18.8% 1.1% -6.5% 0.8% 5.6%

$107,214 $112,312 $109,672 $124,195 $116,830 $113,475 0.0700 -1.476 -17.6% 1.1% -6.0% 0.9% 6.5%

$108,872 $111,717 $110,169 $124,630 $118,349 $113,983 0.0725 -1.457 -16.4% 1.0% -5.6% 1.3% 7.6%

$109,690 $113,281 $110,823 $126,862 $118,542 $115,259 0.0750 -1.440 -15.2% 1.6% -5.1% 1.0% 8.8%

$110,900 $115,341 $110,635 $126,607 $117,942 $116,227 0.0775 -1.422 -14.0% 1.1% -4.6% 1.2% 10.1%

$111,710 $115,688 $109,773 $125,825 $118,398 $116,675 0.0800 -1.405 -12.8% 1.3% -4.1% 1.2% 11.5%

$110,121 $117,395 $109,051 $125,857 $118,099 $117,125 0.0825 -1.388 -11.6% 1.2% -3.6% 1.5% 13.1%

$108,063 $116,258 $108,805 $125,542 $118,700 $117,952 0.0850 -1.372 -10.4% 1.1% -3.2% 1.4% 14.7%

$108,773 $116,687 $109,816 $125,834 $120,106 $118,070 0.0875 -1.356 -9.2% 1.9% -2.7% 1.6% 16.5%

$109,489 $117,206 $110,135 $127,741 $120,544 $118,677 0.0900 -1.341 -8.0% 1.7% -2.2% 1.9% 18.4%

$109,499 $118,402 $113,426 $129,556 $121,694 $120,006 0.0925 -1.326 -6.8% 2.1% -1.7% 1.5% 20.4%

$109,812 $118,004 $115,707 $129,353 $122,349 $119,370 0.0950 -1.311 -5.6% 2.3% -1.2% 1.9% 22.4%

$108,741 $118,265 $115,730 $130,274 $123,631 $119,892 0.0975 -1.296 -4.4% 3.1% -0.8% 2.3% 24.6%

$109,270 $120,652 $117,947 $129,149 $124,905 $120,163 0.1000 -1.282 -3.2% 2.5% -0.3% 2.0% 26.8%

$110,228 $121,706 $117,883 $129,766 $125,230 $120,105 0.1025 -1.267 -2.0% 2.3% 0.2% 2.1% 29.1%

$109,769 $122,489 $117,841 $131,310 $126,257 $119,908 0.1050 -1.254 -0.8% 1.9% 0.7% 2.1% 31.5%

$112,527 $123,537 $118,159 $132,667 $127,482 $121,951 0.1075 -1.240 0.4% 2.5% 1.2% 2.0% 33.9%

$114,880 $123,043 $118,527 $133,542 $128,963 $124,231 0.1100 -1.227 1.6% 2.3% 1.6% 2.7% 36.3%

$115,404 $121,785 $118,132 $133,777 $129,851 $123,017 0.1125 -1.213 2.8% 3.2% 2.1% 2.2% 38.8%

$116,569 $122,904 $119,296 $134,158 $131,882 $123,159 0.1150 -1.200 4.0% 2.7% 2.6% 2.6% 41.3%

$117,245 $122,694 $119,713 $136,741 $134,153 $123,268 0.1175 -1.188 5.2% 2.3% 3.1% 2.2% 43.8%

$119,429 $124,154 $122,689 $136,419 $133,713 $124,923 0.1200 -1.175 6.4% 1.9% 3.6% 2.2% 46.2% $119 642 $127 269 $121 936 $136 348 $133 702 $126 272 0 1225 1 163 % % % % 48 7%


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$123,192 $130,026 $123,308 $137,730 $135,740 $128,805 0.1275 -1.138 10.0% 2.5% 5.0% 2.5% 53.6%

$123,450 $130,037 $123,234 $139,361 $138,459 $128,190 0.1300 -1.126 11.2% 2.0% 5.5% 2.0% 56.0%

$123,729 $129,996 $124,092 $141,642 $137,656 $128,632 0.1325 -1.115 12.4% 2.7% 6.0% 2.3% 58.3%

$123,439 $128,290 $125,860 $143,431 $139,338 $130,021 0.1350 -1.103 13.6% 2.1% 6.4% 2.5% 60.6%

$122,922 $129,606 $128,441 $140,356 $138,982 $132,780 0.1375 -1.092 14.8% 2.5% 6.9% 2.2% 62.8%

$121,893 $129,822 $129,884 $139,813 $140,659 $132,366 0.1400 -1.080 16.0% 1.8% 7.4% 2.7% 65.0%

$122,196 $129,720 $128,675 $138,729 $138,323 $132,263 0.1425 -1.069 17.2% 2.6% 7.9% 2.3% 67.1%

$124,116 $130,651 $128,839 $135,758 $139,543 $133,561 0.1450 -1.058 18.4% 2.0% 8.4% 2.0% 69.1%

$125,105 $131,714 $127,241 $136,229 $140,625 $134,794 0.1475 -1.047 19.6% 1.8% 8.8% 2.2% 71.0%

$125,443 $132,890 $130,107 $135,839 $139,717 $134,313 0.1500 -1.036 20.8% 1.9% 9.3% 2.0% 72.9%

$125,329 $132,777 $132,512 $136,006 $141,312 $133,320 0.1525 -1.026 22.0% 2.0% 9.8% 1.4% 74.7%

$126,219 $132,550 $133,546 $138,596 $141,682 $135,770 0.1550 -1.015 23.2% 1.6% 10.3% 1.7% 76.4%

$128,917 $135,115 $133,576 $139,971 $143,858 $135,008 0.1575 -1.005 24.4% 2.2% 10.8% 2.1% 78.0% $128,963 $135,668 $132,897 $142,947 $143,708 $133,836 0.1600 -0.994 25.6% 1.8% 11.2% 1.4% 79.5%

$130,524 $137,160 $133,958 $145,607 $144,396 $135,534 0.1625 -0.984 26.8% 1.4% 11.7% 1.6% 81.0%

$131,028 $137,526 $136,330 $145,881 $147,237 $136,250 0.1650 -0.974 28.0% 1.5% 12.2% 1.5% 82.4%

$133,569 $138,220 $138,112 $145,517 $148,188 $136,046 0.1675 -0.964 29.2% 0.9% 12.7% 1.9% 83.7%

$134,766 $139,136 $137,358 $149,188 $148,332 $135,429 0.1700 -0.954 30.4% 0.9% 13.2% 1.3% 84.9%

$136,733 $143,398 $136,661 $151,417 $151,481 $136,115 0.1725 -0.944 31.6% 1.0% 13.6% 1.2% 86.1%

$136,269 $144,575 $136,280 $149,887 $150,737 $137,580 0.1750 -0.935 32.8% 0.9% 14.1% 1.3% 87.2%

$136,560 $143,998 $135,724 $150,409 $150,548 $137,942 0.1775 -0.925 34.0% 0.9% 14.6% 1.1% 88.2%

$138,783 $144,551 $138,157 $151,645 $153,323 $139,242 0.1800 -0.915 35.2% 1.2% 15.1% 0.9% 89.1%

$141,369 $147,322 $138,056 $151,626 $156,005 $139,541 0.1825 -0.906 36.4% 1.0% 15.6% 1.1% 90.0%

$143,571 $147,552 $139,734 $151,926 $155,720 $138,863 0.1850 -0.896 37.6% 0.9% 16.0% 0.7% 90.8%

$145,999 $145,668 $139,611 $154,411 $156,983 $138,365 0.1875 -0.887 38.8% 0.7% 16.5% 0.6% 91.6%

$148,825 $145,728 $140,861 $154,019 $156,055 $140,382 0.1900 -0.878 40.0% 0.8% 17.0% 0.9% 92.3%

$148,148 $145,688 $143,874 $154,464 $156,235 $144,120 0.1925 -0.869 41.2% 0.7% 17.5% 0.9% 93.0%

$151,357 $144,545 $145,030 $156,054 $157,162 $143,038 0.1950 -0.860 42.4% 0.8% 18.0% 0.4% 93.6%

$154,251 $146,005 $144,843 $156,916 $154,381 $143,253 0.1975 -0.851 43.6% 0.4% 18.4% 1.0% 94.2%

$154,699 $145,924 $146,247 $157,685 $155,170 $144,243 0.2000 -0.842 44.8% 0.3% 18.9% 0.5% 94.7%

$154,872 $146,559 $148,609 $159,261 $159,011 $142,472 0.2025 -0.833 46.0% 0.7% 19.4% 0.3% 95.2%

$154,363 $148,780 $150,534 $158,922 $161,516 $142,934 0.2050 -0.824 47.2% 0.5% 19.9% 0.3% 95.6%

$156,735 $150,099 $152,211 $160,681 $161,616 $141,883 0.2075 -0.815 48.4% 0.5% 20.4% 0.6% 96.0%

$156,624 $149,666 $153,227 $162,902 $160,582 $142,751 0.2100 -0.806 49.6% 0.3% 20.8% 0.6% 96.4%

$158,339 $148,298 $154,687 $164,308 $160,933 $145,421 0.2125 -0.798 50.8% 0.2% 21.3% 0.3% 96.7%

$159,088 $146,607 $155,756 $165,253 $161,793 $147,428 0.2150 -0.789 52.0% 0.5% 21.8% 0.1% 97.0%

$160,556 $147,922 $157,757 $166,673 $166,235 $147,560 0.2175 -0.781 53.2% 0.3% 22.3% 0.3% 97.3%

$159,531 $149,173 $159,744 $166,295 $167,316 $150,066 0.2200 -0.772 54.4% 0.1% 22.8% 0.3% 97.6%

$160,153 $150,612 $164,144 $168,193 $168,633 $152,187 0.2225 -0.764 55.6% 0.3% 23.2% 0.4% 97.8%

$159,332 $150,258 $167,380 $170,915 $171,387 $157,012 0.2250 -0.755 56.8% 0.1% 23.7% 0.1% 98.0%

$161,707 $150,075 $170,710 $170,353 $171,698 $156,234 0.2275 -0.747 58.0% 0.0% 24.2% 0.3% 98.2%

$160,644 $151,571 $174,197 $173,056 $171,228 $157,778 0.2300 -0.739 59.2% 0.3% 24.7% 0.0% 98.4%

$164,068 $153,142 $177,227 $174,227 $172,911 $156,844 0.2325 -0.731 60.4% 0.2% 25.2% 0.3% 98.5%

$165,347 $155,471 $178,945 $176,545 $174,410 $159,000 0.2350 -0.722 61.6% 0.0% 25.6% 0.0% 98.7%

$165,619 $155,444 $182,434 $174,375 $174,727 $160,397 0.2375 -0.714 62.8% 0.3% 26.1% 0.2% 98.8%

$167,095 $156,318 $183,990 $176,468 $174,055 $161,378 0.2400 -0.706 64.0% 0.0% 26.6% 0.0% 98.9%

$168,488 $157,527 $185,146 $177,588 $174,809 $163,685 0.2425 -0.698 65.2% 0.2% 27.1% 0.0% 99.0%

$169,175 $156,913 $187,218 $179,987 $174,445 $165,568 0.2450 -0.690 66.4% 0.0% 27.6% 0.2% 99.1%

$166,073 $156,631 $190,565 $177,759 $179,521 $167,601 0.2475 -0.682 67.6% 0.0% 28.0% 0.0% 99.2%

$166,128 $156,798 $194,476 $180,524 $179,141 $168,027 0.2500 -0.674 68.8% 0.2% 28.5% 0.0% 99.3%


29/36

0.2575 -0.651

0.2600 -0.643

0.2625 -0.636

0.2650 -0.628

0.2675 -0.620

0.2700 -0.613

0.2725 -0.605

0.2750 -0.598

0.2775 -0.590

0.2800 -0.583

0.2825 -0.575

0.2850 -0.568

0.2875 -0.561

0.2900 -0.553

0.2925 -0.546

0.2950 -0.539

0.2975 -0.532

0.3000 -0.524

0.3025 -0.517

0.3050 -0.510

0.3075 -0.503

0.3100 -0.496

0.3125 -0.489

0.3150 -0.482

0.3175 -0.475

0.3200 -0.468

0.3225 -0.461

0.3250 -0.454

0.3275 -0.447

0.3300 -0.440

0.3325 -0.433

0.3350 -0.426

0.3375 -0.419

0.3400 -0.412

0.3425 -0.406

0.3450 -0.399

0.3475 -0.392

0.3500 -0.385

0.3525 -0.379

0.3550 -0.372

0.3575 -0.365

0.3600 -0.358

0.3625 -0.352

0.3650 -0.345

0.3675 -0.338

0.3700 -0.332

0.3725 -0.325

0.3750 -0.319

0.3775 -0.312

0 3800 0 305


30/36

0.3875 -0.286

0.3900 -0.279

0.3925 -0.273

0.3950 -0.266

0.3975 -0.260

0.4000 -0.253

0.4025 -0.247

0.4050 -0.240

0.4075 -0.234

0.4100 -0.228

0.4125 -0.221

0.4150 -0.215

0.4175 -0.208

0.4200 -0.202

0.4225 -0.196

0.4250 -0.189

0.4275 -0.183

0.4300 -0.176

0.4325 -0.170

0.4350 -0.164

0.4375 -0.157

0.4400 -0.151

0.4425 -0.145

0.4450 -0.138

0.4475 -0.132

0.4500 -0.126

0.4525 -0.119

0.4550 -0.113

0.4575 -0.107

0.4600 -0.100

0.4625 -0.094

0.4650 -0.088

0.4675 -0.082

0.4700 -0.075

0.4725 -0.069

0.4750 -0.063

0.4775 -0.056

0.4800 -0.050

0.4825 -0.044

0.4850 -0.038

0.4875 -0.031

0.4900 -0.025

0.4925 -0.019

0.4950 -0.013

0.4975 -0.006

0.5000 0.000

0.5025 0.006

0.5050 0.013

0.5075 0.019

0 5100 0 025


31/36

0.5175 0.044

0.5200 0.050

0.5225 0.056

0.5250 0.063

0.5275 0.069

0.5300 0.075

0.5325 0.082

0.5350 0.088

0.5375 0.094

0.5400 0.100

0.5425 0.107

0.5450 0.113

0.5475 0.119

0.5500 0.126

0.5525 0.132

0.5550 0.138

0.5575 0.145

0.5600 0.151

0.5625 0.157

0.5650 0.164

0.5675 0.170

0.5700 0.176

0.5725 0.183

0.5750 0.189

0.5775 0.196

0.5800 0.202

0.5825 0.208

0.5850 0.215

0.5875 0.221

0.5900 0.228

0.5925 0.234

0.5950 0.240

0.5975 0.247

0.6000 0.253

0.6025 0.260

0.6050 0.266

0.6075 0.273

0.6100 0.279

0.6125 0.286

0.6150 0.292

0.6175 0.299

0.6200 0.305

0.6225 0.312

0.6250 0.319

0.6275 0.325

0.6300 0.332

0.6325 0.338

0.6350 0.345

0.6375 0.352

0 6400 0 358


32/36

0.6475 0.379

0.6500 0.385

0.6525 0.392

0.6550 0.399

0.6575 0.406

0.6600 0.412

0.6625 0.419

0.6650 0.426

0.6675 0.433

0.6700 0.440

0.6725 0.447

0.6750 0.454

0.6775 0.461

0.6800 0.468

0.6825 0.475

0.6850 0.482

0.6875 0.489

0.6900 0.496

0.6925 0.503

0.6950 0.510

0.6975 0.517

0.7000 0.524

0.7025 0.532

0.7050 0.539

0.7075 0.546

0.7100 0.553

0.7125 0.561

0.7150 0.568

0.7175 0.575

0.7200 0.583

0.7225 0.590

0.7250 0.598

0.7275 0.605

0.7300 0.613

0.7325 0.620

0.7350 0.628

0.7375 0.636

0.7400 0.643

0.7425 0.651

0.7450 0.659

0.7475 0.667

0.7500 0.674

0.7525 0.682

0.7550 0.690

0.7575 0.698

0.7600 0.706

0.7625 0.714

0.7650 0.722

0.7675 0.731

0 7700 0 739


33/36

0.7775 0.764

0.7800 0.772

0.7825 0.781

0.7850 0.789

0.7875 0.798

0.7900 0.806

0.7925 0.815

0.7950 0.824

0.7975 0.833

0.8000 0.842

0.8025 0.851

0.8050 0.860

0.8075 0.869

0.8100 0.878

0.8125 0.887

0.8150 0.896

0.8175 0.906

0.8200 0.915

0.8225 0.925

0.8250 0.935

0.8275 0.944

0.8300 0.954

0.8325 0.964

0.8350 0.974

0.8375 0.984

0.8400 0.994

0.8425 1.005

0.8450 1.015

0.8475 1.026

0.8500 1.036

0.8525 1.047

0.8550 1.058

0.8575 1.069

0.8600 1.080

0.8625 1.092

0.8650 1.103

0.8675 1.115

0.8700 1.126

0.8725 1.138

0.8750 1.150

0.8775 1.163

0.8800 1.175

0.8825 1.188

0.8850 1.200

0.8875 1.213

0.8900 1.227

0.8925 1.240

0.8950 1.254

0.8975 1.267

0 9000 1 282


34/36

0.9075 1.326

0.9100 1.341

0.9125 1.356

0.9150 1.372

0.9175 1.388

0.9200 1.405

0.9225 1.422

0.9250 1.440

0.9275 1.457

0.9300 1.476

0.9325 1.495

0.9350 1.514

0.9375 1.534

0.9400 1.555

0.9425 1.576

0.9450 1.598

0.9475 1.621

0.9500 1.645

0.9525 1.670

0.9550 1.695

0.9575 1.722

0.9600 1.751

0.9625 1.780

0.9650 1.812

0.9675 1.845

0.9700 1.881

0.9725 1.919

0.9750 1.960

0.9775 2.005

0.9800 2.054

0.9825 2.108

0.9850 2.170

0.9875 2.241

0.9900 2.326

0.9925 2.432

0.9950 2.576

0.9975 2.807


35/36

4.59% 7.61%

0.0% 0.0%

0.0% 0.0%

0.1% 0.0%

0.1% 0.0%

0.1% 0.0%

0.1% 0.0%

0.2% 0.0%

0.2% 0.0%

0.3% 0.1%

0.4% 0.1%

0.4% 0.1%

0.5% 0.1%

0.7% 0.1%

0.8% 0.1%

1.0% 0.2%

1.2% 0.2%

1.5% 0.2%

1.7% 0.3%

2.1% 0.3%

2.4% 0.4%

2.9% 0.4%

3.4% 0.5%

3.9% 0.5%

4.5% 0.6%

5.2% 0.7%

6.0% 0.8%

6.8% 0.8%

7.7% 0.9%

8.8% 1.0%

9.9% 1.1%

11.1% 1.2%

12.4% 1.3%

13.8% 1.4%

15.3% 1.5%

16.8% 1.6%

18.5% 1.7%

20.3% 1.8%

22.1% 1.9%

24.1% 1.9%

26.1% 2.0%

28.2% 2.1%

30.4% 2.2%

32.6% 2.2%

34.8% 2.3%

37.2% 2.3%

39.5% 2.4%

41.9% 2.4%

44.3% 2.4%

46.7% 2.4%

49.1% 2.4%


36/36

51.5% 2.4%

53.9% 2.4%

56.3% 2.4%

58.6% 2.3%

60.9% 2.3%63.1% 2.2%

65.3% 2.2%

67.4% 2.1%

69.5% 2.1%

71.5% 2.0%

73.4% 1.9%

75.3% 1.8%

77.0% 1.8%

78.7% 1.7%

80.3% 1.6%

81.9% 1.5%

83.3% 1.4%

84.7% 1.4%

85.9% 1.3%

87.1% 1.2%

88.3% 1.1%

89.3% 1.0%

90.3% 1.0%

91.2% 0.9%

92.0% 0.8%

92.8% 0.8%

93.5% 0.7%

94.2% 0.7%

94.8% 0.6%

95.3% 0.5%

95.8% 0.5%

96.2% 0.5%

96.7% 0.4%

97.0% 0.4%

97.4% 0.3%

97.7% 0.3%

97.9% 0.3%

98.2% 0.2%

98.4% 0.2%

98.6% 0.2%

98.8% 0.2%

98.9% 0.2%

99.1% 0.1%

99.2% 0.1%

99.3% 0.1%

99.4% 0.1%

99.5% 0.1%

99.5% 0.1%

99.6% 0.1%

99.6% 0.1%

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