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TABLE E26

Aggregate Rates of Return Earned by Employee Stock Ownership Plans and 401(k) Plans with 100 or More Participants
1990-1997
Year 401(k) Plans Employee Stock Ownership Plans
Total Sole plan 1/ Not sole plan 2/ Total Leveraged Nonleveraged
1990 3.6% 4.5% 3.5% -1.3% -1.0% -1.5%
1991 14.7 14.6 14.7 14.7 18.9 12.6
1992 10.3 9.0 10.5 13.4 15.1 12.3
1993 9.8 8.8 10.0 12.8 10.6 14.3
1994 3.7 3.4 3.7 4.1 4.4 4.0
a
1995 20.5 18.5 20.9 22.9 17.5 24.7
1996 14.8 14.3 15.0 18.4 18.2 18.5
1997 19.4 18.3 19.7 23.8 24.7 23.5
a
Geometric mean 3/
1990-97 11.9 11.3 12.1 13.3 13.2 13.2
1993-97 13.5 12.5 13.7 16.2 14.8 16.7
1995-97 18.2 17.0 18.5 21.7 20.1 22.24
a
Standard deviation 4/
1990-97 6.0 5.5 6.1 8.1 7.9 8.4
1993-97 6.3 5.8 6.4 7.3 7.0 7.5
1995-97 2.4 1.9 2.6 2.4 3.2 2.7

1/ 401(k) plan is only plan sponsored by the employer.
2/ Employer sponsoring 401(k) plan also sponsors other pension plan(s).
3/ Computed by adding one to the aggregate rate of return for each of the n years, taking the product of the sums, and taking the nth root of the product, and subtracting one.
4/ Standard deviation formula uses a denominator definition of n, not n-1.
SOURCE: Form 5500 series reports filed with the Internal Revenue Service for 1990-97 plan years.

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