Combining information from the S&P reports and some estimated data, the following calendar-year data, on a per-share basis, are provided:

Year Price Range Earnings Dividends Book Value (D/E) 100% Annual Avg (P/E) ROE= E/Book (TR%)

1999 $26.50 - $35.30 $4.56 $1.72 $25.98 37.70 7.0 17.6%

2000 $28.30 - $37.00 $5.02 $1.95 $29.15 38.80 6.2 17.3%

2001 $23.50 - $34.30 $5.14 $2.20 $32.11 42.80 5.8 16.0%

2002 $27.80 - $35.00 $4.47 $2.20 $30.86 49.22 7.7 14.4%

2003 $29.00 - $47.80 $5.73 $2.30 $30.30 40.14 6.8 18.91%

2004 $36.60 - $53.50 $6.75 $2.40 $39.85 35.35 16.90%

2005 $6.75 $2.60 $44.00

b) Show that from 2000 through 2004 the per annum growth rate in dividends was 6.9 percent and for earnings was 8.2 percent.