COURSE PAK

RF,t : one year constant maturity Treasury rate from FRED on the last trading day of the previous year.: difference between average annual return on the S&P500 index and the long-term government bond rate. The average annual return on the S&P 500 is 12.2% for 1926-2002 and the long-term U.S. government bond rate is 5.9%. ................
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