Using the Table 5.4 as your guide, what is your estimate of the expected annual HPR on the S&P 500 stock portfolio if the current risk-free interest rate is 4.1%?

1926-2010 AVG=7.97 STD Dev=20.70 Sharpe Ratio=.39 5%Var=-36.86

1926-1955 AVG=11.67 STD Dev=25.40 Sharpe Ratio=.46 5%Var=-53.43

1956-1985 AVG=5.01 STD Dev=17.58 Sharpe Ratio=.28 5%Var=-30.51

1986-2010 AVG=7.19 STD Dev=17.83 Sharpe Ratio=.40 5%Var=-42.28