EX-99.16 8 c20632-ex9916.txt SCHEDULES FOR COMPUTATION EX-99.16-Schedules for Computation of Performance Quotations SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE STOCK ACCOUNT
January 1, 2000 January 1, 1996 January 1, 1991 to to to December 31, 2000 December 31, 2000 December 31, 2000 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $206.1095 $91.4603 $44.4097 At end of period (B) $188.7248 $188.7248 $188.7248 Ending value of hypothetical investment (EV) = P x (B/A) $915.65 $2,063.46 $4,249.63 Cumulative rate of total return = ((EV/P)-1) x 100 -8.43% 106.35% 324.96% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 0.91565 2.06346 4.24963 Average annual compound rate of total return (T) -8.43% 15.59% 15.57%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF GROWTH ACCOUNT
80 months (April 29, January 1, 2000 January 1, 1996 1994 commencement of to to operations to December 31, 2000 December 31, 2000 December 31, 2000) ----------------- ----------------- ------------------ Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $100.2074 $35.3095 $24.9508 At end of period (B) $79.6083 $79.6083 $79.6083 Ending value of hypothetical investment (EV) = P x (B/A) $794.44 $2,254.59 $3,190.61 Cumulative rate of total return = ((EV/P)-1) x 100 -20.56% 125.46% 219.06% Number of years in period (n) 1 5 6.67 n Net change factor (1+T) = EV/P 0.79444 2.25459 3.19061 Average annual compound rate of total return (T) -20.56% 17.66% 18.96%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF EQUITY INDEX ACCOUNT
80 months (April 29, 1994 January 1, 2000 January 1, 1996 commencement of to to operations to December 31, 2000 December 31, 2000 December 31, 2000 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $84.2630 $35.2308 $25.0380 At end of period (B) $77.8689 $77.8689 $77.8689 Ending value of hypothetical investment (EV) = P x (B/A) $924.12 $2,210.25 $3,110.03 Cumulative rate of total return = ((EV/P)-1) x 100 -7.59% 121.03% 211.00% Number of years in period (n) 1 5 6.67 n Net change factor (1+T) = EV/P 0.92412 2.21025 3.11003 Average annual compound rate of total return (T) -7.59% 17.19% 18.51%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF INFLATION-LINKED BOND ACCOUNT
44 months (May 1, 1997 commencement of January 1, 2000 to operations to December 31, 2000 December 31, 2000) ----------------- ------------------ Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $27.5966 $25.4607 At end of period (B) $31.1176 $31.1176 Ending value of hypothetical investment (EV) = P x (B/A) $1,127.59 $1,222.18 Cumulative rate of total return = ((EV/P)-1) x 100 12.76% 22.22% Number of years in period (n) 1 3.67 n Net change factor (1+T) = EV/P 1.12759 1.22218 Average annual compound rate of total return (T) 12.76% 5.61%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE BOND MARKET ACCOUNT
January 1, 2000 January 1, 1996 January 1, 1991 to to to December 31, 2000 December 31, 2000 December 31, 2000 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $51.7755 $42.6885 $27.2077 At end of period (B) $57.8579 $57.8579 $57.8579 Ending value of hypothetical investment (EV) = P x (B/A) $1,117.48 $1,355.35 $2,126.53 Cumulative rate of total return = ((EV/P)-1) x 100 11.75% 35.54% 112.65% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.11748 1.35535 2.12653 Average annual compound rate of total return (T) 11.75% 6.27% 7.84%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE SOCIAL CHOICE ACCOUNT
January 1, 2000 January 1, 1996 January 1, 1991 to to to December 31, 2000 December 31, 2000 December 31, 2000 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $95.9618 $50.7117 $26.0711 At end of period (B) $96.2862 $96.2862 $96.2862 Ending value of hypothetical investment (EV) = P x (B/A) $1,003.38 $1,898.70 $3,693.22 Cumulative rate of total return = ((EV/P)-1) x 100 0.34% 89.87% 269.32% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.00338 1.8987 3.69322 Average annual compound rate of total return (T) 0.34% 13.68% 13.96%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE GLOBAL EQUITIES ACCOUNT
104 months (May 1, 1992 January 1, 2000 January 1, 1996 commencement of to to operations to December 31, 2000 December 31, 2000 December 31, 2000 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $96.7503 $42.9576 $25.8725 At end of period (B) $81.0896 $81.0896 $81.0896 Ending value of hypothetical investment (EV) = P x (B/A) $838.13 $1,887.67 $3,134.20 Cumulative rate of total return = ((EV/P)-1) x 100 -16.19% 88.77% 213.42% Number of years in period (n) 1 5 8.67 n Net change factor (1+T) = EV/P 0.83813 1.88767 3.1342 Average annual compound rate of total return (T) -16.19% 13.55% 14.07%
SCHEDULE OF COMPUTATION OF SEVEN-DAY YIELDS FOR THE MONEY MARKET ACCOUNT Seven-Day Period Ended December 31, 2000 ----------------------- Initial value of a hypothetical pre-existing account with a balance of one Accumulation Unit at the beginning of base period (A) $20.4576146684 Value of same account (excluding capital gains and losses) at end of the seven-day period (B) $20.4825068393 ============== Net change in account value (C) = B - A $0.0248921709 ============= Base period Return: Net change in account value divided by the beginning account value = C/A 0.0012167680 ============ Net Annualized Current Yield = C/A x (365/7) x 100 6.34% ===== 365/7 Net Annualized Effective Yield = (1 + C/A) - 1 6.55% ===== SCHEDULE OF COMPUTATION OF THIRTY-DAY YIELD FOR THE BOND MARKET ACCOUNT Thirty-Day Period Ended December 31, 2000 ---------------------- Total interest income earned during the period (a) $17,236,092.17 Total expenses incurred during the period (b) $861,331.21 Average daily number of units outstanding during the period (c) 55,193,659.06 units Unit value at end of period (d) 57.8579 6 Thirty-day Yield = 2(((a-b)/cd +1) -1) 6.23%