TABLE 1. The Importance of Return Order With Interim Cash Flows (Starting Value = $100)
Year	High Returns Late				High Returns Early
	Annual Returns	No Deposits or Withdrawals	Deposit $10/ Year	Withdraw $5/ Year	Annual Returns	No Deposits or Withdrawals	Deposit $10/ Year	Withdraw $5/ Year
0	—	$100	$100	$100	—	$100	$100	$100
1	-10%	$90	$99	$86	10%	$110	$121	$105
2	-10%	$81	$98	$72	10%	$121	$144	$109
3	-10%	$73	$97	$61	10%	$133	$170	$115
4	-10%	$66	$97	$50	10%	$146	$197	$121
5	-10%	$59	$96	$41	10%	$161	$228	$127
6	-10%	$53	$95	$32	10%	$177	$262	$135
7	-10%	$48	$95	$24	10%	$195	$299	$143
8	-10%	$43	$94	$17	10%	$214	$340	$151
9	10%	$47	$115	$14	-10%	$193	$315	$132
10	10%	$52	$137	$10	-10%	$174	$293	$114
11	10%	$57	$162	$5	-10%	$156	$272	$98
12	10%	$63	$189	$0	-10%	$141	$254	$84
13	10%	$69	$219	-$6	-10%	$127	$238	$71
14	10%	$76	$252	-$12	-10%	$114	$223	$59
15	10%	$84	$288	-$18	-10%	$103	$210	$49
16	10%	$92	$328	-$26	-10%	$92	$198	$40