Given the spreadsheet, containing the realized return of the S&P 500 from 1926-2014. Starting in 1929, divide the next 80 years (1929-2008) of the sample into four periods of 20 years each. For each 20-year period, calculate the final amount an investor would have earned given a $2,750 initial investment. Also express your answer as an annualized return. If risk were eliminated by holding stocks for 20 years, what would you expect to find? What can you conclude about long-run diversification? The amount after the 1929-1948 period is and the return is %. (Round the amount to the nearest cent and the return to four decimal places.) The amount after the 1949-1968 period is and the return is (Round the amount to the nearest cent and the return to four decimal places.) The amount after the 1969-1988 period is and the return is (Round the amount to the nearest cent and the return to four decimal places.) The amount after the 1989-2008 period is and the return is (Round the amount to the nearest cent and the return to four decimal places.) If risk were eliminated by holding stocks for 20 years, what would you expect to find? What can you conclude about long-run diversification? If risk were eliminated by holding stocks for 20 years, you would expect to find Different/Similiar returns for all four periods, which you Do/do not Yearly returns from 1926-2014 for the S&P 500, small stocks, corporate bonds, world portfolio, Treasury bills, and inflation (as measured by the CPI)
Year	S&P 500	Small Stocks	Corp Bonds	World Portfolio	Treasury Bills	CPI
1926	0.11138	-0.072	0.06285	0.228	0.03194	-0.01188
1927	0.37126	0.25754	0.0655	0.25326	0.03125	-0.02163
1928	0.43308	0.46872	0.03377	0.33463	0.03824	-0.01229
1929	-0.08907	-0.50467	0.04321	-0.07692	0.04737	0.00746
1930	-0.25257	-0.45583	0.06343	-0.22574	0.02347	-0.0642
1931	-0.43858	-0.50216	-0.0238	-0.39305	0.01023	-0.09235
1932	-0.08861	0.08696	0.12198	0.0303	0.00806	-0.10465
1933	0.52895	1.872	0.05255	0.66449	0.00293	0.00974
1934	-0.02341	0.25209	0.09728	0.02552	0.00155	0.01286
1935	0.47208	0.64739	0.0686	0.22782	0.00165	0.03175
1936	0.32801	0.87508	0.0622	0.19283	0.00175	0.01231
1937	-0.35258	-0.53403	0.02546	-0.1695	0.00319	0.0304
1938	0.33199	0.26275	0.04357	0.05614	0.00041	-0.0295
1939	-0.0091	0.00184	0.04247	-0.01441	0.00008	0
1940	-0.10082	-0.1234	0.04512	0.03528	-0.00058	0.00912
1941	-0.11767	-0.13728	0.01788	0.18744	0.00042	0.0994
1942	0.21076	0.52504	0.03119	0.01189	0.00262	0.09041
1943	0.25758	1	0.03365	0.19895	0.0034	0.02764
1944	0.19694	0.60408	0.03101	-0.1024	0.00321	0.02445
1945	0.36461	0.82665	0.03512	0.11032	0.00321	0.02148
1946	-0.0818	-0.12608	0.02558	-0.15124	0.00352	0.18224
1947	0.0524	-0.02658	0.0045	0.03196	0.00461	0.08893
1948	0.05099	-0.06609	0.03707	-0.0573	0.00979	0.02904
1949	0.18065	0.21502	0.04327	0.05421	0.01106	-0.02116
1950	0.30579	0.45908	0.01891	0.25477	0.01213	0.05946
1951	0.24553	0.09767	-0.0021	0.22446	0.01483	0.06122
1952	0.18501	0.06472	0.03427	0.15822	0.01642	0.00641
1953	-0.01099	-0.05985	0.02061	0.04838	0.0178	0.00796
1954	0.52404	0.65232	0.04658	0.49823	0.00863	-0.0079
1955	0.31429	0.2211	0.01075	0.24739	0.01555	0.00478
1956	0.06627	0.03459	-0.01792	0.06581	0.02422	0.02853
1957	-0.10853	-0.15053	0.04469	-0.06017	0.03129	0.02928
1958	0.43344	0.70923	0.00849	0.34456	0.01415	0.01796
1959	0.11904	0.1868	0.00157	0.23303	0.02815	0.01765
1960	0.00483	-0.05004	0.06722	0.03492	0.02582	0.01301
1961	0.26811	0.30836	0.03681	0.20778	0.02159	0.00713
1962	-0.08784	-0.1295	0.06204	-0.06212	0.02724	0.01275
1963	0.22691	0.18093	0.03167	0.15381	0.03151	0.01678
1964	0.16358	0.19405	0.03988	0.11247	0.03518	0.00963
1965	0.12356	0.36365	0.02082	0.09832	0.03962	0.01907
1966	-0.10105	-0.07302	-0.00255	-0.10116	0.04705	0.03476
1967	0.23942	0.77916	-0.01162	0.21283	0.04147	0.03101
1968	0.11002	0.47611	0.22457	0.13941	0.05294	0.04637
1969	-0.08466	-0.32219	-0.02459	-0.03858	0.06591	0.06228
1970	0.03986	-0.04503	0.11179	-0.01984	0.06383	0.05524
1971	0.14325	0.16347	0.09682	0.19567	0.04317	0.03312
1972	0.18936	0.04222	0.08323	0.23547	0.03891	0.03413
1973	-0.14791	-0.35936	0.02987	-0.14506	0.07059	0.087
1974	-0.26539	-0.27327	0.00233	-0.2448	0.08078	0.12328
1975	0.3725	0.82769	0.11039	0.34493	0.05821	0.06962
1976	0.23675	0.57116	0.14557	0.14712	0.05156	0.04824
1977	-0.07388	0.19915	0.0551	0.02002	0.05152	0.0672
1978	0.0644	0.2042	0.01833	0.18216	0.07308	0.09035
1979	0.18353	0.39698	-0.01558	0.12671	0.1069	0.13308
1980	0.32266	0.29141	-0.04976	0.27721	0.11523	0.12521
1981	-0.05053	0.14617	0.08977	-0.03305	0.14856	0.08912
1982	0.21483	0.3225	0.34898	0.11272	0.10664	0.03797
1983	0.225	0.48048	0.07317	0.2328	0.08847	0.03833
1984	0.06152	-0.02495	0.17103	0.05773	0.09956	0.03943
1985	0.31648	0.29125	0.29486	0.4177	0.07677	0.03793
1986	0.18603	0.05908	0.20913	0.42799	0.06057	0.01089
1987	0.05171	-0.09204	-0.01578	0.16764	0.05384	0.04423
1988	0.16608	0.20288	0.13793	0.2395	0.06323	0.0442
1989	0.31686	0.01488	0.1531	0.17194	0.08221	0.04656
1990	-0.03104	-0.36325	0.08606	-0.16517	0.0768	0.061
1991	0.30466	0.41799	0.15869	0.18966	0.05507	0.03081
1992	0.07619	0.22075	0.10642	-0.0466	0.03401	0.02897
1993	0.10079	0.13792	0.14662	0.23129	0.02899	0.02755
1994	0.0132	-0.01096	-0.02435	0.05584	0.0388	0.02652
1995	0.37578	0.20056	0.21991	0.21318	0.05532	0.02555
1996	0.2296	0.21511	0.04239	0.13993	0.05145	0.03322
1997	0.33363	0.3208	0.10847	0.16227	0.05082	0.01688
1998	0.28579	-0.11975	0.10908	0.24795	0.04781	0.01607
1999	0.21042	-0.0126	-0.03037	0.25354	0.04561	0.02697
2000	-0.09104	-0.0249	0.11694	-0.12928	0.05756	0.03384
2001	-0.11886	0.32781	0.11461	-0.16521	0.03779	0.01563
2002	-0.22101	-0.05624	0.11181	-0.19541	0.01634	0.02357
2003	0.28685	0.69151	0.09229	0.33761	0.01018	0.0188
2004	0.10882	0.31392	0.0651	0.15247	0.012	0.03275
2005	0.04911	0.03988	0.07734	0.10023	0.02963	0.03417
2006	0.15795	0.26379	0.04167	0.20652	0.04786	0.02526
2007	0.05494	-0.111	0.04742	0.09566	0.04675	0.04086
2008	-0.36998	-0.45864	0.13449	-0.40334	0.01474	0.00101
2009	0.26464	1.12127	0.00018	0.30793	0.00097	0.02709
2010	0.15064	0.3361	0.07972	0.12339	0.00122	0.01496
2011	0.02112	-0.07155	0.14703	-0.05017	0.00043	0.02967
2012	0.16003	0.21311	0.04513	0.16537	0.00057	0.01733
2013	0.32388	0.50814	-0.03067	0.27365	0.00028	0.01518
2014	0.13688	-0.04541	0.11658	0.05504	0.00016	0.00748