EX-99.16 7 c24101_ex9916.txt COMPUTATION SCHEDULES Exhibit 99.16 SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE STOCK ACCOUNT
JANUARY 1, 2001 JANUARY 1, 1997 JANUARY 1, 1992 TO TO TO DECEMBER 31, 2001 DECEMBER 31, 2001 DECEMBER 31, 2001 ------------------- ----------------- ------------------ Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $188.7248 $109.2232 $57.7715 At end of period (B) $162.5130 $162.5130 $162.5130 Ending value of hypothetical investment (EV) = P x (B/A) $861.11 $1,487.90 $2,813.03 Cumulative rate of total return = ((EV/P)-1) x 100 -13.89% 48.79% 181.30% Number of years in period (n) 1 5 10 Net change factor (1+T)(n) = EV/P 0.86111 1.4879 2.81303 Average annual compound rate of total return (T) -13.89% 8.27% 10.90%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF GROWTH ACCOUNT
92 MONTHS (APRIL 29, JANUARY 1, 2001 JANUARY 1, 1997 1994 COMMENCEMENT OF TO TO OPERATIONS TO DECEMBER 31, 2001 DECEMBER 31, 2001 DECEMBER 31, 2001) ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $79.6083 $44.3128 $24.9508 At end of period (B) $61.3724 $61.3724 $61.3724 Ending value of hypothetical investment (EV) = P x (B/A) $770.93 $1,384.98 $2,459.74 Cumulative rate of total return = ((EV/P)-1) x 100 -22.91% 38.50% 145.97% Number of years in period (n) 1 5 7.67 Net change factor (1+T)(n)= EV/P 0.77093 1.38498 2.45974 Average annual compound rate of total return (T) -22.91% 6.73% 12.43%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF EQUITY INDEX ACCOUNT
92 MONTHS (APRIL 29, 1994 JANUARY 1, 2001 JANUARY 1, 1997 COMMENCEMENT OF TO TO OPERATIONS TO DECEMBER 31, 2001 DECEMBER 31, 2001 DECEMBER 31, 2001) ------------------- ------------------- ---------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $77.8689 $42.8338 $25.0380 At end of period (B) $68.7352 $68.7352 $68.7352 Ending value of hypothetical investment (EV) = P x (B/A) $882.70 $1,604.70 $2,745.24 Cumulative rate of total return = ((EV/P)-1) x 100 -11.73% 60.47% 174.52% Number of years in period (n) 1 5 7.67 Net change factor (1+T)(n) = EV/P 0.8827 1.6047 2.74524 Average annual compound rate of total return (T) -11.73% 9.92% 14.05%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF INFLATION-LINKED BOND ACCOUNT 56 MONTHS (MAY 1, 1997 COMMENCEMENT OF JANUARY 1, 2001 TO OPERATIONS TO DECEMBER 31, 2001 DECEMBER 31, 2001) ------------------- ---------------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $ 31.1176 $25.4607 At end of period (B) $ 33.5038 $33.5038 Ending value of hypothetical investment (EV) = P x (B/A) $1,076.68 $1,315.90 Cumulative rate of total return = ((EV/P)-1) x 100 7.67% 31.59% Number of years in period (n) 1 4.67 Net change factor (1+T)(n) = EV/P 1.07668 1.3159 Average annual compound rate of total return (T) 7.67% 6.05% SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE BOND MARKET ACCOUNT
JANUARY 1, 2001 JANUARY 1, 1997 JANUARY 1, 1992 TO TO TO DECEMBER 31, 2001 DECEMBER 31, 2001 DECEMBER 31, 2001 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $57.8579 $44.0015 $31.6288 At end of period (B) $62.4451 $62.4451 $62.4451 Ending value of hypothetical investment (EV) = P x (B/A) $1,079.28 $1,419.16 $1,974.31 Cumulative rate of total return = ((EV/P)-1) x 100 7.93% 41.92% 97.43% Number of years in period (n) 1 5 10 Net change factor (1+T)(n)= EV/P 1.07928 1.41916 1.97431 Average annual compound rate of total return (T) 7.93% 7.25% 7.04%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE SOCIAL CHOICE ACCOUNT
JANUARY 1, 2001 JANUARY 1, 1997 JANUARY 1, 1992 TO TO TO DECEMBER 31, 2001 DECEMBER 31, 2001 DECEMBER 31, 2001 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $96.2862 $58.5895 $32.6384 At end of period (B) $91.6972 $91.6972 $91.6972 Ending value of hypothetical investment (EV) = P x (B/A) $952.34 $1,565.08 $2,809.49 Cumulative rate of total return = ((EV/P)-1) x 100 -4.77% 56.51% 180.95% Number of years in period (n) 1 5 10 Net change factor (1+T)(n)= EV/P 0.95234 1.56508 2.80949 Average annual compound rate of total return (T) -4.77% 9.37% 10.88%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE GLOBAL EQUITIES ACCOUNT
116 MONTHS (MAY 1, 1992 JANUARY 1, 2001 JANUARY 1, 1997 COMMENCEMENT OF TO TO OPERATIONS TO DECEMBER 31, 2001 DECEMBER 31, 2001 DECEMBER 31, 2001) ------------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $81.0896 $50.6797 $25.8725 At end of period (B) $65.2615 $65.2615 $65.2615 Ending value of hypothetical investment (EV) = P x (B/A) $804.81 $1,287.72 $2,522.43 Cumulative rate of total return = ((EV/P)-1) x 100 -19.52% 28.77% 152.24% Number of years in period (n) 1 5 9.67 Net change factor (1+T)(n)= EV/P 0.80481 1.28772 2.52243 Average annual compound rate of total return (T) -19.52% 5.19% 10.03%
SCHEDULE OF COMPUTATION OF SEVEN-DAY YIELDS FOR THE MONEY MARKET ACCOUNT
SEVEN-DAY PERIOD ENDED DECEMBER 31, 2001 ---------------------- Initial value of a hypothetical pre-existing account with a balance of one Accumulation Unit at the beginning of base period (A) $21.3112479421 Value of same account (excluding capital gains and losses) at end of the seven-day period (B) $21.3187415949 -------------- Net change in account value (C) = B - A $0.0074936528 ============== Base period Return: Net change in account value divided by the beginning account value = C/A 0.0003516290 ============== Net Annualized Current Yield = C/A x (365/7) x 100 1.83% ==== Net Annualized Effective Yield = (1 + C/A)(365/7) - 1 1.85% ====
SCHEDULE OF COMPUTATION OF THIRTY-DAY YIELD FOR THE BOND MARKET ACCOUNT
THIRTY-DAY PERIOD ENDED DECEMBER 31, 2001 ----------------------- Total interest income earned during the period (a) $17,727,341.79 Total expenses incurred during the period (b) $1,659,003.13 Average daily number of units outstanding during the period (c) 73,582,779.04 units Unit value at end of period(d) 62.4451 Thirty-day Yield = 2[(A-B +1)(6)-1] --- cd 4.23%