Realized Return for the S&P 500, Microsoft, and Treasury Bills, 2005-2017
Year End	S&P 500 Index	Dividends Paid*	S&P 500 Realized Return	Microsoft Realized Return	1-Month T-Bill Return
2004	1211.92
2005	1248.29	23.15	4.90%	minus0.90%	3.00%
2006	1418.3	27.16	15.80%	15.80%	4.80%
2007	1468.36	27.86	5.50%	20.80%	4.70%
2008	903.25	21.85	minus37.00%	minus44.40%	1.50%
2009	1115.1	27.19	26.50%	60.50%	0.10%
2010	1257.64	25.44	15.10%	minus6.50%	0.10%
2011	1257.61	26.59	2.10%	minus4.50%	0.00%
2012	1426.19	32.67	16.00%	5.80%	0.10%
2013	1848.36	39.75	32.40%	44.30%	0.00%
2014	2058.9	42.47	13.70%	27.60%	0.00%
2015	2043.94	43.45	1.40%	22.70%	0.00%
2016	2238.83	49.56	12.00%	15.10%	0.20%
2017	2673.61	53.99	21.80%	40.70%	0.80%
*Total dividends paid by the 500 stocks in the portfolio, based on the number of shares of each stock in the index, adjusted until the end of the year, assuming they were reinvested when paid. Source: Standard & Poor's, Microsoft and U.S. Treasury Data

Using the data in the table ! a. What was the average dividend yield for the S&P 500 from 2005-2017? b. What was the volatility of the dividend yield? c. What was the average annual return of the S&P 500 from 2005-2017 excluding dividends (i.e., from capital gains only)? d. What was the volatility of the S&P 500 returns from capital gains? e. Were dividends or capital gains a more important component of the S&P 500's average returns during this period? Which were the more important source of volatility? a. What was the average dividend yield for the S&P 500 from 2005-2017? The average dividend yield is %. (Round to two decimal places.) b. What was the volatility of the dividend yield? The volatility of the dividend yield is the square root of the variance of dividend yields %. (Round to two decimal places.) c. What was the average annual return of the S&P 500 from 2005-2017 excluding dividends (i.e., from capital gains only)? The average annual return is % (Round to two decimal places.) d. What was the volatility of the S&P 500 returns from capital gains? Annual volatility of returns is the square root of the variance of returns %. (Round to two decimal places.) e. Were dividends or capital gains a more important component of the S&P 500's average returns during this period? Which were the more important source of volatility? (Select from the drop-down menu.) were more important for returns and volatility Using the data in the table ! a. What was the average dividend yield for the S&P 500 from 2005-2017? b. What was the volatility of the dividend yield? c. What was the average annual return of the S&P 500 from 2005-2017 excluding dividends (i.e., from capital gains only)? d. What was the volatility of the S&P 500 returns from capital gains? e. Were dividends or capital gains a more important component of the S&P 500's average returns during this period? Which were the more important source of volatility? a. What was the average dividend yield for the S&P 500 from 2005-2017? The average dividend yield is %. (Round to two decimal places.) b. What was the volatility of the dividend yield? The volatility of the dividend yield is the square root of the variance of dividend yields %. (Round to two decimal places.) c. What was the average annual return of the S&P 500 from 2005-2017 excluding dividends (i.e., from capital gains only)? The average annual return is % (Round to two decimal places.) d. What was the volatility of the S&P 500 returns from capital gains? Annual volatility of returns is the square root of the variance of returns %. (Round to two decimal places.) e. Were dividends or capital gains a more important component of the S&P 500's average returns during this period? Which were the more important source of volatility? (Select from the drop-down menu.) were more important for returns and volatility