Panel 1. Assuming ROI = r (1 + g)/(1 + r) (declining-balance expense for 1 − C = q)

Estimate of

Sample

Percentiles:

10

25

50

75

90

1 − C (steady)

Part 1

0.06103

0.14648

0.33635

0.69659

1.04849

Part 2

0.05851

0.18256

0.34367

0.55962

0.79686

q

Part 1

0.03175

0.11841

0.23300

0.35103

0.61049

Part 2

−0.00520

0.08901

0.20449

0.34512

0.67673

(1 − C) − q

Part 1

−0.12330

−0.02266

0.03807

0.29137

0.87987

Part 2

−0.21477

−0.04396

0.09092

0.31696

0.66594

Panel 2. Assuming ROI = r (the compound interest (annuity) expense)

Estimate of

Sample

Percentiles:

10

25

50

75

90

1 − C (steady)

Part 1

0.06103

0.14648

0.33635

0.69659

1.04849

Part 2

0.05851

0.18256

0.34367

0.55962

0.79686

q

Part 1

0.02720

0.12279

0.24787

0.38842

0.61820

Part 2

−0.00543

0.12552

0.24853

0.40325

0.70845

(1 − C) − q

Part 1

−0.13130

−0.03792

0.02849

0.28337

0.85969

Part 2

−0.28984

−0.11683

0.04448

0.29725

0.64846

Panel 3. Assuming ROI = r R/M (rate-of-return (realization) expense)

Estimate of

Sample

Percentiles:

10

25

50

75

90

1 − C (steady)

Part 1

0.06103

0.14648

0.33635

0.69659

1.04849

Part 2

0.05851

0.18256

0.34367

0.55962

0.79686

q

Part 1

0.02730

0.12276

0.24390

0.36898

0.62189

Part 2

−0.00544

0.12339

0.24156

0.38466

0.69081

(1 − C) − q

Part 1

−0.13113

−0.03189

0.03419

0.30576

0.86623

Part 2

−0.26210

−0.10157

0.05089

0.30284

0.65036