Year S&P 500 Earnings Dividends payout ratio r-g (expected) growth (simple modelCost of capital

1960 58.11 3.1 1.98 0.638709677 0.03510583376 0.03030303030303 0.065408864

1961 71.55 3.37 2.04 0.605341246 0.03004891684 0.053921568627451 0.083970485
1962 63.1 3.67 2.15 0.585831063 0.03724247227 0.093023255813954 0.130265728
1963 75.02 4.13 2.35 0.569007264 0.03439082911 0.097872340425532 0.13226317
1964 84.75 4.76 2.58 0.542016807 0.03339233038 0.096899224806202 0.130291555
1965 92.43 5.3 2.83 0.533962264 0.0311587147 0.017667844522968 0.048826559
1966 80.33 5.41 2.88 0.532347505 0.03709697498 0.034722222222222 0.071819197
1967 96.47 5.46 2.98 0.545787546 0.03151238727 0.02013422818792 0.051646615
1968 103.86 5.72 3.04 0.531468531 0.03119584055 0.065789473684211 0.096985314
1969 92.06 6.1 3.24 0.531147541 0.03465131436 -0.015432098765432 0.019219216
1970 92.15 5.51 3.19 0.578947368 0.03429191536 -0.009404388714733 0.024887527
1971 102.09 5.57 3.16 0.567324955 0.03124693898 0.009493670886076 0.04074061
1972 118.05 6.17 3.19 0.517017828 0.0305802626 0.13166144200627 0.162241705
1973 97.55 7.96 3.61 0.453517588 0.03813429011 0.030470914127424 0.068605204
1974 68.56 9.35 3.72 0.397860963 0.05440490082 0.002688172043011 0.057093073
1975 90.19 7.71 3.73 0.483787289 0.04679010977 0.131367292225201 0.178157402
1976 107.46 9.75 4.22 0.432820513 0.04522613065 0.151658767772512 0.196884898
1977 95.1 10.87 4.86 0.447102116 0.05446898002 0.065843621399177 0.120312601
1978 96.11 11.64 5.18 0.445017182 0.06211632504 0.152509652509653 0.214625978
1979 107.94 14.55 5.97 0.410309278 0.05966277562 0.078726968174205 0.138389744
1980 135.76 14.99 6.44 0.429619746 0.05030936948 0.06055900621118 0.110868376
1981 122.55 15.18 6.83 0.449934124 0.05654834761 0.014641288433382 0.071189636
1982 140.64 13.82 6.93 0.501447178 0.05062571104 0.027417027417028 0.078042738
1983 164.93 13.29 7.12 0.535741159 0.04747468623 0.099719101123596 0.147193787
1984 167.24 16.84 7.83 0.464964371 0.04903133222 0.047254150702427 0.096285483
1985 211.28 15.68 8.2 0.522959184 0.03876372586 -0.001219512195122 0.037544214
1986 242.17 14.43 8.19 0.567567568 0.03786596193 0.11965811965812 0.157524082
1987 247.08 16.04 9.17 0.571695761 0.04136312126 0.114503816793893 0.155866938
1988 277.72 24.12 10.22 0.42371476 0.04223678525 0.147749510763209 0.189986296
1989 353.4 24.32 11.73 0.482319079 0.03494623656 0.052855924978687 0.087802162
1990 330.22 22.65 12.35 0.545253863 0.03927684574 0.050202429149798 0.089479275
1991 417.09 19.3 12.97 0.672020725 0.03030520991 -0.0254433307633 0.004861879
1992 435.71 20.87 12.64 0.605654049 0.02912487664 0.003955696202532 0.033080573
1993 466.45 26.9 12.69 0.471747212 0.02864186944 0.052797478329393 0.081439348
1994 459.27 31.75 13.36 0.420787402 0.03085331069 0.06062874251497 0.091482053
1995 615.93 37.7 14.17 0.375862069 0.02417482506 0.050811573747354 0.074986399
1996 740.74 40.63 14.89 0.366477972 0.02095202095 0.042310275352586 0.063262296
1997 970.43 44.09 15.52 0.352007258 0.01669363066 0.043814432989691 0.060508064
1998 1229.23 44.27 16.2 0.3659363 0.01359387584 0.031481481481482 0.045075357
1999 1469.25 51.68 16.71 0.323335913 0.01107367705 -0.026331538001197 -0.01525786
2000 1320.28 56.13 16.27 0.289862818 0.01192171358 -0.032575291948371 -0.02065358
2001 1148.09 38.85 15.74 0.405148005 0.01400587062 0.021601016518424 0.035606887
2002 879.82 46.04 16.08 0.349261512 0.02032233866 0.111940298507463 0.132262637
2003 1111.91 54.69 17.88 0.326933626 0.01745644881 0.085570469798658 0.103026919
2004 1211.92 67.68 19.41 0.28679078 0.01846656545 0.153013910355487 0.171480476
2005 1248.29 76.45 22.38 0.292740353 0.02006745227 0.119302949061662 0.139370401
2006 1418.3 87.72 25.05 0.285567715 0.01955157583 0.106986027944112 0.126537604
2007 1468.36 82.54 27.73 0.335958323 0.01910294478 0.011539848539488 0.030642793
2008 903.25 65.39 28.05 0.428964673 0.02469969554 -0.204634581105169 -0.17993489
2009 1115.1 60.8 22.31 0.366940789 0.0207335665 0.036306588973555 0.057040155
2010 1257.64 83.66 23.12 0.276356682
st of capital