The CWI for common stocks (S&P 500) for 1926–2010 (85 years) was $2,364.78, based on a geometric mean of 9.57 percent for that period. The average dividend yield for those 85 years was 3.99 percent. Raising 1.0399 to the 85th power, the cumulative dividend yield, CDY, was $27.82. Therefore, the cumulative price change index for the S&P 500 for that period was $2,364.78/$27.82, or $85.00. This is a compound annual average return of

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($85.00)¹/85 -1.0=0.0537 or 5.37%