EARNINGS        S&P 500 PRICE-EARNINGS RATIO
      GROWTH
      RATE*      12.5    15      17.5    20      22.5
      10%        15       18      22      26      30
      15%        19       25      31      37      45
      20%        25       33      43      54      67
      
      *10-year growth estimate
      
      DATA: PAINEWEBBER INC.
      
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