2 The compounding average annual growth rate does not include any dividends paid out by the stocks of the S&P 500. To the right are the dividend yields (dividends / average stock price) for the S&P 500 stocks for the same years. Find the average dividend yield, and add it to the annual growth rate (which represents capital gains only) to get the APR Total Return'. Then calculate the periodic Total Return. 2.93% Average dividend yield: Total Return (APR): Because dividends are paid quarterly, m = : Total Return (Periodic): 2 The compounding average annual growth rate does not include any dividends paid out by the stocks of the S&P 500. To the right are the dividend yields (dividends / average stock price) for the S&P 500 stocks for the same years. Find the average dividend yield, and add it to the annual growth rate (which represents capital gains only) to get the APR Total Return'. Then calculate the periodic Total Return. 2.93% Average dividend yield: Total Return (APR): Because dividends are paid quarterly, m = : Total Return (Periodic)