Stock Performance Graph The following line-graph presentation compares our cumulative shareholder returns with the Standard & Poor’s Information Technology Index and the Standard & Poor’s 500 Stock Index for the past five years.
The line graph assumes the investment of $100 in our common stock, the Standard & Poor’s Information Technology Index, and the Standard & Poor’s 500 Stock Index on May 31, 2002 and assumes reinvestment of all dividends.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Global Payments Inc. , The S&P 500 Index And The S&P Information Technology Index
## Table 0 ##
* $100 invested on 5/31/02 in stock or index-including reinvestment of dividends.
Fiscal year ending May 31.
Issuer Purchases of Equity Securities On April 5, 2007, our Board of Directors authorized repurchases of our common stock in an amount up to $100 million.
The Board has authorized us to purchase shares from time to time as market conditions permit.
There is no expiration date with respect to this authorization.
No amounts have been repurchased during the fiscal year ended May 31, 2007.
Pursuant to the terms of the acquisition agreement, we paid a cash amount of $39.00 per share for each outstanding share of Digital Insight common stock and assumed options to purchase Digital Insight common stock which were converted as of the acquisition date into options to purchase approximately 1.5 million shares of our common stock.
The total purchase price of the acquisition was as follows:
## Table 1 ##
The fair value of the assumed Digital Insight stock options was determined using a lattice binomial model.
The use of the lattice binomial model and the method of determining the variables used in that model were consistent with our valuation of stock options in accordance with SFAS 123(R), “Share-Based Payment.
” In addition to vested stock options valued at $13.9 million, we assumed unvested stock options valued at $7.9 million that will be amortized to share-based compensation expense over a weighted average vesting period of 2.4 years.
The acquisitionrelated transaction costs included legal, accounting and investment banking fees.
Under the purchase method of accounting, in the third quarter of fiscal 2007 we allocated the total purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values.
We estimated the fair values with the assistance of a third party appraisal firm.
The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management.
We recorded the excess of purchase price over the aggregate fair values as goodwill, none of which is deductible for income tax purposes.
The acquired goodwill was assigned to our Financial Institutions segment.
See Note 4.
We allocated the purchase price using the information currently available.
In the fourth quarter of fiscal 2007 we recorded a $10.7 million decrease to the net deferred income tax liability and a corresponding decrease to goodwill.
We decreased the net deferred income tax liability as a result of a determination, after obtaining additional information, regarding the realizability of certain deferred tax assets not previously recorded.
We may continue to adjust the preliminary purchase price allocation after obtaining more information regarding, among other things, asset valuations, liabilities assumed, and revisions of preliminary estimates.
The purchase price allocation may not be finalized until the third quarter of fiscal 2008.
The total preliminary allocation of the Digital Insight purchase price is as follows:
## Table 2 ##
Intangible assets consist of customer lists (including existing contractual relationships), purchased technology, trade names and logos, and covenants not to compete.
The customer lists intangible assets relate to Digital Insight’s ability to sell existing, in-process and future versions of its products to its existing customers.
We amortize purchased intangible assets on a straight-line basis over their respective useful lives.
The following table presents the details of the identifiable intangible assets acquired.
## Table 3 ##
Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paidin capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount.
Description of 2005 Equity Incentive Plan Our stockholders approved our 2005 Equity Incentive Plan on December 9, 2004.
Under the 2005 Plan, we are permitted to grant incentive and non-qualified stock options, restricted stock awards, restricted stock units (RSUs), stock appreciation rights and stock bonus awards to our employees, non-employee directors and consultants.
The 2005 Plan provides for the automatic grant of stock options to non-employee directors according to a formula in the plan document.
For other awards, the Compensation and Organizational Development Committee of our Board of Directors or its delegates determine who will receive grants, when those grants will be exercisable, their exercise price and other terms.
Our stockholders have approved amendments to the 2005 Plan to permit the issuance of up to 46,000,000 shares under the 2005 Plan.
At July 31, 2008, there were 7,975,824 shares available for grant under this plan.
Up to 50% of equity awards granted each year under the 2005 Plan may have an exercise or purchase price per share that is less than full fair market value on the date of grant.
All stock options granted to date under the 2005 Plan have exercise prices equal to the fair market value of our stock on the date of grant.
All RSUs are considered to be granted at less than the fair market value of our stock on the date of grant because they have no exercise price.
Stock options granted under the 2005 Plan typically vest over three years based on continued service and have a seven year term.
RSUs granted under the 2005 Plan typically vest over three years.
Description of Employee Stock Purchase Plan On November 26, 1996 our stockholders adopted our Employee Stock Purchase Plan under Section 423 of the Internal Revenue Code.
The ESPP permits our eligible employees to make payroll deductions to purchase our stock on regularly scheduled purchase dates at a discount.
Our stockholders have approved amendments to the ESPP to permit the issuance of up to 13,800,000 shares under the ESPP, which expires on July 27, 2015.
The length of the offering periods under the ESPP is three months and shares are purchased at 85% of the lower of the closing price for Intuit common stock on the first day or the last day of the offering period in which the employee is participating.
Under the ESPP, employees purchased 1,164,977 shares of Intuit common stock during the twelve months ended July 31, 2008; 1,099,757 shares during the twelve months ended July 31, 2007; and 1,050,198 shares during the twelve months ended July 31, 2006.
At July 31, 2008, there were 2,109,360 shares available for issuance under this plan.
Share-Based Compensation Expense The following table summarizes the total share-based compensation expense that we recorded for continuing operations for the periods shown.
The share-based compensation expense that we recorded for discontinued operations for these periods was nominal.
## Table 4 ##
Determining Fair Value Valuation and Amortization Method.
Effective August 1, 2006 we began estimating the fair value of stock options granted using a lattice binomial model and a multiple option award approach.
Prior to that date we used the Black Scholes valuation model and a multiple option approach.
This change did not have a material impact on our financial position, results of operations or cash flows.
Our stock options have various restrictions,
2.
Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.
When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability.
In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability.
The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities.
In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value.
The three levels of input defined by the authoritative guidance are as follows: ?
Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities.  ?
Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data.
These include quoted prices in active markets for similar assets or liabilities: quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities.  ?
Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value.
Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.
Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above.
## Table 5 ##
(1) Carrying value on our balance sheets at July 31, 2015 was $500 million and at July 31, 2014 was $499 million.
See Note 9.

<table><tr><td></td><td>Global Payments</td><td>S&P 500</td><td>S&P Information Technology</td></tr><tr><td>May 31, 2002</td><td>$100.00</td><td>$100.00</td><td>$100.00</td></tr><tr><td>May 31, 2003</td><td>94.20</td><td>91.94</td><td>94.48</td></tr><tr><td>May 31, 2004</td><td>129.77</td><td>108.79</td><td>115.24</td></tr><tr><td>May 31, 2005</td><td>193.30</td><td>117.75</td><td>116.29</td></tr><tr><td>May 31, 2006</td><td>260.35</td><td>127.92</td><td>117.14</td></tr><tr><td>May 31, 2007</td><td>224.24</td><td>157.08</td><td>144.11</td></tr></table>
<table><tr><td><i>(In thousands)</i></td><td> Amount</td></tr><tr><td>Cash</td><td>$1,319,105</td></tr><tr><td>Fair value of assumed vested stock options</td><td>13,898</td></tr><tr><td>Acquisition-related transaction costs</td><td>11,424</td></tr><tr><td>Total purchase price</td><td>$1,344,427</td></tr></table>
<table><tr><td><i>(In thousands)</i></td><td>Amount</td></tr><tr><td>Cash and cash equivalents</td><td>$124,662</td></tr><tr><td>Accounts receivable</td><td>35,385</td></tr><tr><td>Property and equipment, net</td><td>21,549</td></tr><tr><td>Goodwill</td><td>1,002,631</td></tr><tr><td>Intangible assets</td><td>291,500</td></tr><tr><td>Other current and noncurrent assets</td><td>7,267</td></tr><tr><td>Deferred income taxes</td><td>-69,349</td></tr><tr><td>Accounts payable</td><td>-31,127</td></tr><tr><td>Accrued compensation</td><td>-21,202</td></tr><tr><td>Deferred revenue</td><td>-5,297</td></tr><tr><td>Other current and long-term liabilities</td><td>-11,592</td></tr><tr><td>Total preliminary purchase price allocation</td><td>$1,344,427</td></tr></table>
<table><tr><td><i>(Dollars in thousands)</i></td><td> Estimated  Useful Life  (in Years)</td><td> Amount</td></tr><tr><td>Customer lists</td><td>5</td><td>$146,000</td></tr><tr><td>Purchased technology</td><td>3</td><td>134,800</td></tr><tr><td>Trade names and logos</td><td>5</td><td>10,000</td></tr><tr><td>Covenants not to compete</td><td>3</td><td>700</td></tr><tr><td>Total identifiable intangible assets</td><td></td><td>$291,500</td></tr></table>
<table><tr><td></td><td colspan="3">Twelve Months Ended July 31,</td></tr><tr><td><i>(In thousands, except per share amounts)</i></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Cost of product revenue</td><td>$1,018</td><td>$743</td><td>$941</td></tr><tr><td>Cost of service and other revenue</td><td>6,211</td><td>3,283</td><td>1,727</td></tr><tr><td>Selling and marketing</td><td>37,948</td><td>23,518</td><td>21,710</td></tr><tr><td>Research and development</td><td>31,841</td><td>21,511</td><td>18,896</td></tr><tr><td>General and administrative</td><td>36,220</td><td>27,258</td><td>27,066</td></tr><tr><td>Reduction of operating income from continuingoperations and income from continuing operationsbefore income taxes</td><td>113,238</td><td>76,313</td><td>70,340</td></tr><tr><td>Income tax benefit</td><td>-44,873</td><td>-24,237</td><td>-25,284</td></tr><tr><td>Reduction of net income from continuing operations</td><td>$68,365</td><td>$52,076</td><td>$45,056</td></tr><tr><td>Reduction of net income per share fromcontinuing operations:</td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.21</td><td>$0.15</td><td>$0.13</td></tr><tr><td>Diluted</td><td>$0.20</td><td>$0.15</td><td>$0.12</td></tr></table>
<table><tr><td></td><td colspan="4">At July 31, 2015</td><td colspan="4">At July 31, 2014</td></tr><tr><td>(In millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash equivalents, primarily money market funds</td><td>$695</td><td>$—</td><td>$—</td><td>$695</td><td>$652</td><td>$—</td><td>$—</td><td>$652</td></tr><tr><td>Available-for-sale debt securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Municipal bonds</td><td>—</td><td>506</td><td>—</td><td>506</td><td>—</td><td>701</td><td>—</td><td>701</td></tr><tr><td>Municipal auction rate securities</td><td>—</td><td>—</td><td>15</td><td>15</td><td>—</td><td>—</td><td>21</td><td>21</td></tr><tr><td>Corporate notes</td><td>—</td><td>546</td><td>—</td><td>546</td><td>—</td><td>466</td><td>—</td><td>466</td></tr><tr><td>U.S. agency securities</td><td>—</td><td>12</td><td>—</td><td>12</td><td>—</td><td>42</td><td>—</td><td>42</td></tr><tr><td>Total available-for-sale securities</td><td>—</td><td>1,064</td><td>15</td><td>1,079</td><td>—</td><td>1,209</td><td>21</td><td>1,230</td></tr><tr><td>Total assets measured at fair value on a recurring basis</td><td>$695</td><td>$1,064</td><td>$15</td><td>$1,774</td><td>$652</td><td>$1,209</td><td>$21</td><td>$1,882</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes -1</td><td>$—</td><td>$531</td><td>$—</td><td>$531</td><td>$—</td><td>$556</td><td>$—</td><td>$556</td></tr></table>

Question: what will be the rate of return for global payments from 2003 to 2004?