Beruflich Dokumente
Kultur Dokumente
(or Standard Deviation) of each and a degree of Correlation between the two
the Monte Carlo (MC) sheet picks random annual returns* for each, over the next umpteen years and,
assuming some split between the two investment types - like 75% of the former and 25% of the latter (and an annual rebalancing to maintain this split), sees how much would be in your portfolio
if you invest annually (this amount increasing annually with inflation)
and you give the spreadsheet some hoped-for Final Portfolio (starting at some Initial Portfolio)
and it does this hundreds of times to see what fraction of these iterations
would yield a Final portfolio less than $50K, or less than $100K or $500K
or even more than your hoped-for Final Portfolio :^)
(These amounts are the BreakPoints.)
See: http://home.golden.net/~pjponzo/Monte-Carlo.htm for "the Math"
Since it takes some time, you can ask for just ONE run (of umpteen hundred iterations you decide how may hundreds
or a collection of runs, using three different Stock/Bond splits and three different Investment Amounts
(that makes NINE scenarios, eh?).
There's also a chart of some sample portfolios.
The red graph on this chart is the deterministic portfolio evolution: it uses an Annualized Return
then sets both Standard Deviations to zero. The Monte Carlo simulations fluctuate about this graph.
P.S. The software needs the Average (or Mean) annual returns. If you know the Annualized returns, you
can Click a Button and get 'em changed to Average.
Note: the (random) returns are Log-normally distributed but you can also ask for a Normal distribution.
This spreadsheet began life as a child of Richard Pritz with help from Peter Van and Peter Ponzo.
alized Volatility
a Normal distribution.
You'll want to know how often your Final Portolio was greater
than (for example) $100K or $200K or $300K, etc.
To allow you to do this, change the minimum amount in cell T2
and the increment in cell R5 like so:
The spreadsheet will calculate how often the Final Portfolio was
less than (for example) $100K, $200K, etc.
Neat, eh?
A standard Monte Carlo simulation uses a fixed Mean Return and Standard Deviation and Distribution (Normal? Log-norm
over the 10, 20, 30, etc. years considered by the simulation
P.S. For the past umpteen years (since 1926) appropriate, nominal (as opposed to inflation-adjusted) "annual" numbers ar
Average S&P Stock Return: 10.9% Standard Deviation: 20%
Bonds - 5 year U.S. treasuries: Average Return: 5.5% Standard Deviation: 6%
Correlation: 8%
See Richard's page for more data: http://www.geocities.com/snarkll/
onthly selections
15%
$4,500,000
Bond: Gain=4.0% SD=8.0%
Inflation=2.0% Correlation=15.0%
$4,000,000
2.0%
$3,500,000
$3,000,000
$0
$1,500,000
$500,000
120%
100%
80%
65%
52%
60%
40%
71%
73%
77%
25%
50%
50%
40%
75%
25%
20%
0%
$10,000
79%
$12,000
Created by Richard Pritz with the assistance of Peter Vann & Peter Ponzo.
$14,000
Percentage of Iterations
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
16
14
$0
<=$1200K
12
50%
65%
71%
$1,000,000
Probability
<=$1000K
25%
40%
52%
$14,000
Average Portfolio
10
$12,000
Initial =
25%
50%
75%
$2,000,000
<=$600K
Stock Percentage
$10,000
$1,000,000
Annual Investment
Final Portfolio =
$2,500,000
<=$400K
30
10
<=$200K
Years =
Iterations/100 =
Annual Inflation =
4.0%
<=$800K
8.0%
<=$0K
Final portfolio
Check Sum
100.0%
Iterations =
30
28
26
24
22
20
18
16
100
BreakPoints
0.0%
$0
0.0%
$200,000
0.0%
$400,000
4.0%
$600,000
9.0%
$800,000
10.0%
$1,000,000
10
16.0%
$1,200,000
16
10.0%
$1,400,000
10
12.0%
$1,600,000
12
8.0%
$1,800,000
5.0%
$2,000,000
9.0%
$2,200,000
17.0%
75.0%
$14,000
6.1%
3.7%
5.5%
>$2200K
<=$2200K
<=$2000K
<=$1800K
<=$1600K
<=$1400K
<=$1200K
Final portfolio
9
17
Years
Labels
<=$0K
Blanks
-2.807
14,000
14,000
Sample Portfolios
<=$200K
0.0050
-2.576
29,053
14,280
<=$400K
0.0075
-2.432
45,223
<=$600K
0.0100
-2.326
<=$800K
0.0125
-2.241
<=$1000K
0.0150
<=$1200K
<=$1400K
S&P Gains
1.000
27,179
30,788
29,956
31,699
29,946
0.962
14,566
41,145
47,437
45,526
47,464
43,948
0.943
62,577
14,857
56,828
79,923
56,992
64,996
60,203
1.025
81,187
15,154
78,846
85,852
60,656
69,510
79,532
1.018
-2.170
101,127
15,457
100,098
125,505
94,264
117,174
96,575
1.046
0.0175
-2.108
122,477
15,766
115,718
165,155
117,756
120,365
126,038
1.048
0.0200
-2.054
145,322
16,082
107,114
213,631
108,129
144,796
152,451
1.025
<=$1600K
0.0225
-2.005
169,750
16,403
119,336
251,575
136,966
161,617
154,139
1.025
<=$1800K
0.0250
-1.960
195,855
16,731
148,065
271,824
158,460
265,625
201,444
0.972
10
<=$2000K
0.0275
-1.919
223,736
17,066
164,249
337,867
202,862
339,578
254,018
1.035
11
<=$2200K
0.0300
-1.881
253,497
17,407
159,865
341,767
217,465
362,877
246,612
1.020
12
>$2200K
0.0325
-1.845
285,251
17,755
192,514
267,891
314,876
321,380
286,181
0.981
13
0.0350
-1.812
319,113
18,110
223,281
378,874
360,488
349,420
306,282
1.054
14
0.0375
-1.780
355,207
18,473
276,153
418,964
510,241
457,135
297,831
1.009
15
0.0400
-1.751
393,663
18,842
331,628
578,339
542,385
626,467
253,094
1.020
16
0.0425
-1.722
434,620
19,219
381,861
661,326
640,206
631,183
387,430
1.061
17
0.0450
-1.695
478,223
19,603
411,694
842,524
713,289
624,060
316,357
0.993
18
0.0475
-1.670
524,626
19,995
406,920
1,052,271
786,045
633,522
351,641
1.067
19
0.0500
-1.645
573,991
20,395
383,530
1,339,021
1,011,912
710,765
383,899
1.052
20
0.0525
-1.621
626,490
20,803
460,824
1,593,491
927,616
763,479
479,672
1.045
21
0.0550
-1.598
682,303
21,219
448,129
2,178,518
910,741
786,923
521,234
0.950
22
0.0575
-1.576
741,624
21,644
442,151
2,480,008
1,072,803
826,454
547,371
1.072
23
0.0600
-1.555
804,652
22,077
471,642
2,751,317
905,452
1,069,488
697,723
1.028
24
0.0625
-1.534
871,603
22,518
456,460
2,572,475
797,346
1,238,788
715,252
0.996
25
0.0650
-1.514
942,701
22,968
377,488
2,231,458
723,874
1,523,669
968,364
0.988
26
0.0675
-1.495
1,018,185
23,428
306,151
3,650,110
885,013
1,529,977
1,107,004
1.110
27
0.0700
-1.476
1,098,305
23,896
341,213
3,247,040
1,010,942
1,630,474
1,029,902
1.035
28
0.0725
-1.457
1,183,327
24,374
412,601
3,132,688
1,279,809
1,762,678
1,156,191
1.020
29
0.0750
-1.440
1,273,532
24,862
456,780
3,789,628
1,757,530
2,400,051
1,288,481
0.962
30
0.0775
-1.422
1,369,215
25,359
502,333
4,409,626
1,499,184
2,296,823
1,223,287
1.014
31
0.0800
-1.405
1,470,688
25,866
32
0.0825
-1.388
1.026
33
0.0850
-1.372
1.017
34
0.0875
-1.356
1.129
35
0.0900
-1.341
1.005
36
0.0925
-1.326
1.058
37
0.0950
-1.311
0.998
38
0.0975
-1.296
0.999
39
0.1000
-1.282
1.018
40
0.1025
-1.267
0.964
41
0.1050
-1.254
1.114
42
0.1075
-1.240
1.047
43
0.1100
-1.227
1.103
44
0.1125
-1.213
0.952
45
0.1150
-1.200
0.803
46
0.1175
-1.188
0.875
47
0.1200
-1.175
1.028
48
0.1225
-1.163
1.064
49
0.1250
-1.150
1.026
50
0.1275
-1.138
1.081
51
0.1300
-1.126
0.992
52
0.1325
-1.115
0.990
53
0.1350
-1.103
0.838
54
0.1375
-1.092
1.039
55
0.1400
-1.080
1.014
1.080
56
0.1425
-1.069
0.872
57
0.1450
-1.058
0.915
58
0.1475
-1.047
0.991
59
0.1500
-1.036
0.929
60
0.1525
-1.026
1.050
0.1550
-1.015
1.119
0.1575
-1.005
0.933
0.1600
-0.994
0.907
0.1625
-0.984
0.872
0.1650
-0.974
1.142
0.1675
-0.964
0.928
0.1700
-0.954
1.018
0.1725
-0.944
0.703
0.1750
-0.935
1.090
0.1775
-0.925
0.920
0.1800
-0.915
0.860
0.1825
-0.906
0.973
0.1850
-0.896
1.057
0.1875
-0.887
0.884
0.1900
-0.878
0.800
0.1925
-0.869
0.780
0.1950
-0.860
0.998
0.1975
-0.851
1.382
0.2000
-0.842
1.387
0.2025
-0.833
0.965
0.2050
-0.824
0.865
0.2075
-0.815
0.958
0.2100
-0.806
1.057
0.2125
-0.798
1.009
0.2150
-0.789
0.823
0.2175
-0.781
1.035
0.2200
-0.772
1.426
0.2225
-0.764
1.168
0.2250
-0.755
1.134
0.2275
-0.747
0.914
0.2300
-0.739
1.121
0.2325
-0.731
0.888
0.2350
-0.722
0.915
0.2375
-0.714
1.113
0.2400
-0.706
1.025
0.2425
-0.698
1.107
0.2450
-0.690
0.968
0.2475
-0.682
1.000
0.2500
-0.674
0.975
0.2525
-0.667
0.926
0.2550
-0.659
1.023
0.2575
-0.651
0.887
0.2600
-0.643
1.061
0.2625
-0.636
0.997
0.2650
-0.628
0.971
0.2675
-0.620
1.094
0.2700
-0.613
0.999
0.2725
-0.605
0.959
0.2750
-0.598
0.966
0.2775
-0.590
0.971
0.2800
-0.583
1.098
0.2825
-0.575
1.041
0.2850
-0.568
1.070
0.2875
-0.561
1.085
0.2900
-0.553
1.028
0.2925
-0.546
1.026
0.2950
-0.539
1.078
0.2975
-0.532
1.047
0.3000
-0.524
1.039
0.3025
-0.517
1.067
0.3050
-0.510
1.022
0.3075
-0.503
1.027
0.3100
-0.496
0.925
0.3125
-0.489
1.055
0.3150
-0.482
1.033
0.3175
-0.475
1.070
0.3200
-0.468
1.015
0.3225
-0.461
1.003
0.3250
-0.454
1.078
0.3275
-0.447
1.013
0.3300
-0.440
0.997
0.3325
-0.433
1.039
0.3350
-0.426
1.019
0.3375
-0.419
0.992
0.3400
-0.412
0.919
0.3425
-0.406
0.998
0.3450
-0.399
0.950
0.3475
-0.392
1.105
0.3500
-0.385
0.952
0.3525
-0.379
0.860
0.3550
-0.372
0.902
0.3575
-0.365
0.913
0.3600
-0.358
0.954
0.3625
-0.352
1.015
0.3650
-0.345
1.067
0.3675
-0.338
0.751
0.3700
-0.332
1.145
0.3725
-0.325
0.967
0.3750
-0.319
1.250
0.3775
-0.312
1.074
0.3800
-0.305
0.977
0.3825
-0.299
1.017
0.3850
-0.292
1.078
0.3875
-0.286
0.973
0.3900
-0.279
1.040
0.3925
-0.273
0.933
0.3950
-0.266
1.039
0.3975
-0.260
0.866
0.4000
-0.253
0.997
0.4025
-0.247
1.073
0.4050
-0.240
0.939
0.4075
-0.234
1.111
0.4100
-0.228
0.935
0.4125
-0.221
1.167
0.4150
-0.215
0.988
0.4175
-0.208
0.960
0.4200
-0.202
1.027
0.4225
-0.196
0.966
0.4250
-0.189
1.013
0.4275
-0.183
1.012
0.4300
-0.176
0.998
0.4325
-0.170
0.771
0.4350
-0.164
1.081
0.4375
-0.157
1.034
0.4400
-0.151
1.035
0.4425
-0.145
1.012
0.4450
-0.138
1.042
0.4475
-0.132
0.968
0.4500
-0.126
1.001
0.4525
-0.119
0.954
0.4550
-0.113
0.994
0.4575
-0.107
1.007
0.4600
-0.100
0.939
0.4625
-0.094
1.018
0.4650
-0.088
1.058
0.4675
-0.082
1.058
0.4700
-0.075
1.001
0.4725
-0.069
0.993
0.4750
-0.063
0.934
0.4775
-0.056
0.972
0.4800
-0.050
0.959
0.4825
-0.044
1.016
0.4850
-0.038
0.984
0.4875
-0.031
0.935
0.4900
-0.025
0.960
0.4925
-0.019
1.080
0.4950
-0.013
1.022
0.4975
-0.006
1.034
0.5000
0.000
1.016
0.5025
0.006
1.029
0.5050
0.013
1.068
0.5075
0.019
0.998
0.5100
0.025
1.055
0.5125
0.031
1.074
0.5150
0.038
1.058
0.5175
0.044
1.055
0.5200
0.050
1.004
0.5225
0.056
1.055
0.5250
0.063
1.022
0.5275
0.069
0.947
0.5300
0.075
1.017
0.5325
0.082
1.026
0.5350
0.088
0.989
0.5375
0.094
0.935
0.5400
0.100
1.062
0.5425
0.107
1.017
0.5450
0.113
1.004
0.5475
0.119
1.020
0.5500
0.126
0.990
0.5525
0.132
1.051
0.5550
0.138
1.054
0.5575
0.145
0.981
0.5600
0.151
1.016
0.5625
0.157
0.999
0.5650
0.164
1.002
0.5675
0.170
1.013
0.5700
0.176
1.037
0.5725
0.183
1.016
0.5750
0.189
1.068
0.5775
0.196
0.956
0.5800
0.202
1.090
0.5825
0.208
1.020
0.5850
0.215
0.999
0.5875
0.221
0.982
0.5900
0.228
1.064
0.5925
0.234
1.044
0.5950
0.240
1.032
0.5975
0.247
1.040
0.6000
0.253
1.012
0.6025
0.260
1.071
0.6050
0.266
0.936
0.6075
0.273
1.048
0.6100
0.279
1.039
0.6125
0.286
1.029
0.6150
0.292
0.963
0.6175
0.299
0.976
0.6200
0.305
0.933
0.6225
0.312
0.900
0.6250
0.319
0.994
0.6275
0.325
0.997
0.6300
0.332
1.046
0.6325
0.338
1.026
0.6350
0.345
0.992
0.6375
0.352
0.985
0.6400
0.358
0.964
0.6425
0.365
1.001
0.6450
0.372
1.055
0.6475
0.379
1.038
0.6500
0.385
0.980
0.6525
0.392
0.989
0.6550
0.399
1.024
0.6575
0.406
0.983
0.6600
0.412
1.023
0.6625
0.419
0.962
0.6650
0.426
0.961
0.6675
0.433
1.079
0.6700
0.440
1.029
0.6725
0.447
1.088
0.6750
0.454
1.005
0.6775
0.461
0.949
0.6800
0.468
1.016
0.6825
0.475
0.972
0.6850
0.482
1.071
0.6875
0.489
0.904
0.6900
0.496
1.035
0.6925
0.503
1.004
0.6950
0.510
0.970
0.6975
0.517
1.033
0.7000
0.524
0.982
0.7025
0.532
0.974
0.7050
0.539
1.001
0.7075
0.546
1.065
0.7100
0.553
1.022
0.7125
0.561
1.026
0.7150
0.568
1.034
0.7175
0.575
1.018
0.7200
0.583
1.049
0.7225
0.590
1.020
0.7250
0.598
1.020
0.7275
0.605
1.007
0.7300
0.613
1.049
0.7325
0.620
1.051
0.7350
0.628
0.945
0.7375
0.636
1.012
0.7400
0.643
1.044
0.7425
0.651
1.059
0.7450
0.659
1.009
0.7475
0.667
1.017
0.7500
0.674
1.051
0.7525
0.682
1.064
0.7550
0.690
1.016
0.7575
0.698
0.984
0.7600
0.706
1.051
0.7625
0.714
0.970
0.7650
0.722
0.977
0.7675
0.731
1.071
0.7700
0.739
1.048
0.7725
0.747
1.001
0.7750
0.755
0.990
0.7775
0.764
1.010
0.7800
0.772
1.042
0.7825
0.781
1.018
0.7850
0.789
0.972
0.7875
0.798
1.050
0.7900
0.806
0.960
0.7925
0.815
1.034
0.7950
0.824
1.049
0.7975
0.833
1.020
0.8000
0.842
0.993
0.8025
0.851
0.982
0.8050
0.860
1.002
0.8075
0.869
1.057
0.8100
0.878
1.038
0.8125
0.887
0.995
0.8150
0.896
0.989
0.8175
0.906
0.979
0.8200
0.915
0.976
0.8225
0.925
1.008
0.8250
0.935
0.987
0.8275
0.944
1.027
0.8300
0.954
0.950
0.8325
0.964
1.003
0.8350
0.974
1.054
0.8375
0.984
1.020
0.8400
0.994
1.005
0.8425
1.005
1.054
0.8450
1.015
1.011
0.8475
1.026
1.033
0.8500
1.036
1.052
0.8525
1.047
1.042
0.8550
1.058
1.003
0.8575
1.069
1.059
0.8600
1.080
0.973
0.8625
1.092
1.085
0.8650
1.103
0.983
0.8675
1.115
1.091
0.8700
1.126
1.053
0.8725
1.138
1.020
0.8750
1.150
1.010
0.8775
1.163
0.997
0.8800
1.175
1.040
0.8825
1.188
1.006
0.8850
1.200
1.084
0.8875
1.213
1.062
0.8900
1.227
0.998
0.8925
1.240
1.013
0.8950
1.254
0.972
0.8975
1.267
1.083
0.9000
1.282
1.002
0.9025
1.296
0.965
0.9050
1.311
1.041
0.9075
1.326
1.071
0.9100
1.341
1.000
0.9125
1.356
0.941
0.9150
1.372
1.041
0.9175
1.388
1.053
0.9200
1.405
0.967
0.9225
1.422
0.956
0.9250
1.440
1.007
0.9275
1.457
0.995
0.9300
1.476
1.037
0.9325
1.495
0.960
0.9350
1.514
0.974
0.9375
1.534
1.022
0.9400
1.555
1.039
0.9425
1.576
1.044
0.9450
1.598
1.000
0.9475
1.621
1.013
0.9500
1.645
0.950
0.9525
1.670
0.940
0.9550
1.695
0.970
0.9575
1.722
1.023
0.9600
1.751
0.961
0.9625
1.780
1.045
0.9650
1.812
0.986
0.9675
1.845
1.033
0.9700
1.881
1.034
0.9725
1.919
1.021
0.9750
1.960
1.028
0.9775
2.005
1.045
0.9800
2.054
1.018
0.9825
2.108
1.050
0.9850
2.170
1.027
0.9875
2.241
1.028
0.9900
2.326
1.054
0.9925
2.432
1.005
0.9950
2.576
1.005
0.9975
2.807
1.002
1.040
1.024
0.998
1.036
0.990
0.956
1.013
1.019
1.029
0.930
1.015
0.988
0.984
1.033
1.021
0.977
1.032
0.941
0.999
1.047
1.048
1.065
1.032
1.027
1.005
1.024
0.973
1.034
1.024
0.982
1.030
1.045
1.005
0.963
1.021
0.995
0.939
0.919
0.920
1.065
1.021
0.954
1.006
1.109
1.015
1.051
0.976
1.037
1.050
1.019
0.981
0.998
1.054
0.990
1.034
0.995
1.026
1.028
1.015
1.017
1.008
1.016
1.018
1.020
0.988
1.030
1.010
1.001
1.006
1.035
1.003
0.987
1.036
0.997
0.953
1.015
1.027
1.033
1.029
0.997
1.011
1.006
0.987
0.980
1.022
0.951
0.985
0.988
0.928
0.995
1.049
1.010
1.000
1.080
1.007
1.041
1.044
0.952
1.019
1.047
0.993
1.034
0.972
1.007
1.028
0.958
0.974
1.011
1.083
1.016
1.011
0.983
1.016
1.040
1.009
1.053
0.960
0.993
0.957
1.036
1.023
1.003
0.946
0.941
1.045
0.976
1.046
0.970
0.982
0.926
1.059
1.003
0.911
0.945
0.952
1.075
1.051
1.035
0.990
1.054
1.058
1.042
1.014
1.038
1.038
0.963
1.002
0.960
1.041
0.994
0.960
1.003
1.088
1.019
1.030
1.007
1.006
1.022
0.980
1.004
1.039
0.996
1.011
1.051
1.013
0.984
0.967
1.000
0.961
0.986
0.995
1.039
0.968
1.042
1.000
0.892
1.018
0.992
1.002
0.978
0.963
0.973
0.987
0.924
0.917
0.883
1.166
0.955
0.982
1.125
1.067
1.024
1.049
1.051
1.046
0.934
0.986
0.967
1.064
1.031
0.990
1.120
0.994
1.033
0.990
0.993
1.043
0.993
1.001
1.025
0.979
0.999
1.054
0.951
0.985
0.988
1.001
0.985
1.048
0.985
0.987
1.000
0.959
1.037
1.005
0.940
0.984
1.028
1.087
1.014
0.985
1.056
1.034
0.995
0.911
1.026
1.017
1.042
0.972
1.058
1.004
0.983
1.041
1.011
1.061
1.003
0.934
1.051
1.019
1.061
1.003
0.901
1.043
1.056
1.030
1.068
1.013
1.028
1.019
1.110
0.969
0.956
1.021
1.038
0.979
1.006
0.992
1.001
0.945
0.950
1.053
1.044
0.974
0.984
0.949
0.994
1.041
0.971
0.983
0.979
1.127
1.011
1.113
1.044
1.017
1.035
1.026
1.037
1.076
0.995
1.038
0.969
1.017
1.014
0.987
1.023
0.994
0.994
0.967
1.017
1.007
0.947
1.022
0.986
1.113
1.000
1.003
0.990
1.025
1.077
1.014
1.002
0.997
1.062
1.016
0.997
0.994
0.968
1.045
1.072
1.047
1.004
1.076
1.055
0.988
1.055
1.017
0.943
1.075
0.918
1.056
1.026
0.974
1.134
1.041
1.027
0.991
1.010
1.050
1.050
1.039
0.978
0.785
0.918
1.074
1.043
1.047
0.970
1.011
1.008
1.046
0.996
0.967
1.042
1.027
0.986
1.018
1.072
0.975
1.024
1.052
1.040
0.995
1.090
1.019
0.996
0.977
1.021
1.024
0.933
1.013
1.026
0.975
1.098
0.993
0.997
0.910
0.951
0.996
1.064
1.027
1.044
1.072
1.024
1.003
1.043
0.954
1.047
1.024
0.984
1.013
0.960
1.114
0.981
1.013
0.980
1.029
1.005
0.986
1.040
0.980
1.012
1.004
1.034
1.013
1.007
1.014
1.022
0.976
1.027
1.003
0.995
1.038
0.993
1.020
0.991
1.012
1.034
0.973
0.957
1.013
1.016
0.975
1.033
1.041
0.976
1.023
0.963
1.015
1.026
1.039
1.030
1.029
1.040
1.024
1.033
1.003
1.042
0.997
1.044
1.019
1.034
1.010
1.010
1.015
1.026
1.004
0.956
1.021
1.056
1.027
1.076
0.980
1.062
1.008
0.958
1.060
1.061
1.045
1.079
0.944
1.055
0.967
1.046
1.017
1.011
1.072
1.051
1.010
0.983
1.041
0.989
0.855
1.064
1.081
1.061
1.058
1.042
0.969
1.040
1.039
0.976
1.056
0.969
0.995
0.973
1.063
1.020
1.059
0.950
0.981
1.098
0.970
0.980
1.025
0.984
1.062
0.947
0.996
0.921
1.005
1.036
0.909
0.937
1.078
1.007
S&P data
905
1.0
29,334
Cumulative
Normal
Distribution
46,163
63,069
82,173
0.9
0.8
0.7
103,721
0.6
124,225
0.5
150,465
0.4
175,976
0.3
203,929
0.2
236,718
0.1
268,590
305,086
345,768
394,786
441,150
482,595
529,714
574,648
646,124
714,046
776,366
855,378
929,972
1,005,318
1,080,232
1,206,018
1,304,793
1,442,655
1,564,033
1,649,561
Table-Lookup Values:
Mean = 0, SD = 1
0.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0