Shareowner Return Performance Graph The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates such information by reference into such filing.
The following graph shows a five year comparison of cumulative total shareowners’ returns for our class B common stock, the Standard & Poor’s 500 Index, and the Dow Jones Transportation Average.
The comparison of the total cumulative return on investment, which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods, assumes that $100 was invested on December 31, 2007 in the Standard & Poor’s 500 Index, the Dow Jones Transportation Average, and our class B common stock.
## Table 0 ##
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25 Revenue The change in overall revenue was impacted by the following factors for the years ended December 31, 2012 and 2011, compared with the corresponding prior year periods:
## Table 1 ##
Volume 2012 compared to 2011 Our overall volume increased in 2012 compared with 2011, largely due to continued solid growth in retail e-commerce and strong customer demand for our lightweight products.
Business-to-consumer shipments, which represent slightly over 40% of total U. S.  Domestic Package volume, grew rapidly and drove growth in both air and ground shipments; however, businessto-business volume remained relatively flat in 2012 compared with 2011.
This can be attributed to multiple trends that have prevailed over the past few years, including the migration of traditional retail to online retail, the lack of growth in small and medium-size enterprises and reduced business investments attributed to policy uncertainty.
Among our air products, Next Day Air letter and package volume both experienced solid increases in 2012, with particular growth in our Next Day Air Saver products.
The higher volume for our deferred air products, which increased 5.7% for the year, was primarily due to healthy demand for our residential package services.
The overall growth in our air products was driven primarily by business-to-consumer shipments from e-commerce retailers, while our business-to-business air volume declined slightly.
The increase in ground volume in 2012 was driven by our lightweight service offerings, including SurePost, which target low-cost, non-urgent residential deliveries.
Volume for these lightweight products grew significantly, and accounted for approximately 40% of the total increase in ground shipments.
Outside of these lightweight service offerings, volume for our traditional ground residential services also experienced an increase in 2012.
Overall ground volume growth continues to be driven by business-to-consumer shipping activity from e-commerce retailers, while our business-to-business ground volume was flat in 2012 compared with 2011.2011 compared to 2010 Our overall volume increased slightly in 2011 compared with 2010, and was largely impacted by the slowing U. S.  economy during the first three quarters of the year.
Business-to-consumer shipments, which represented approximately 40% of total U. S.  Domestic Package volume, experienced stronger growth than business-to-business volume.
Volume growth accelerated in the fourth quarter, with average daily volume increasing 3.8% over the fourth quarter of 2010.
Among our air products, we experienced a 4.8% increase in Next Day and Second Day air package volume, as a result of retail sales growth, with particular growth in our Next Day Air Saver product.
Air letter volume declined, largely due to weakness in the financial and other service industries.
Within ground, our lightweight products experienced robust growth during 2011.
During the fourth quarter of 2011, volume growth accelerated to 12.3% and 3.5% in our deferred and ground products, respectively, compared with the fourth quarter of 2010.
These increases were primarily driven by higher business-toconsumer shipment activity during the holiday season.
Rates and Product Mix 2012 compared to 2011 Overall revenue per piece increased 0.8% in 2012 compared with 2011, and was impacted by changes in base rates, product mix and fuel surcharge rates, as discussed below.
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 Other Expenses 2012 compared to 2011 Adjusted other expenses increased in 2012 compared with 2011, primarily due to an increase in transportation equipment rentals, bad debt expense and auto liability insurance, as well as expenses incurred in 2012 related to the proposed TNT Express N. V.  acquisition.
These increases were partially offset by a reduction in employee relocation expenses and a decline in package claims expense.
Additionally, 2012 adjusted other expenses were reduced by a $9 million gain on the sale of a distribution facility in our Supply Chain & Freight segment.2011 compared to 2010 The increase in adjusted other expenses in 2011 compared with 2010 was caused by several factors, including foreign currency remeasurement losses, advertising costs, employee expense reimbursements, equipment rentals, air cargo handling costs and data processing fees.
These increases were partially offset by a reduction in bad debt and employee relocation expenses.
Investment Income and Interest Expense The following table sets forth investment income and interest expense for the years ended December 31, 2012, 2011 and 2010 (in millions):
## Table 2 ##
Investment Income 2012 compared to 2011 The decrease in investment income in 2012 compared with 2011 was primarily caused by an $8 million decline in fair value adjustments and an $25 million decline in realized gains on sales of investments.
These declines were partially offset by an increase in interest income, largely due to having a higher average balance of interest-earning cash and investments in our portfolio in 2012 compared with 2011.2011 compared to 2010 The increase in investment income in 2011 compared with 2010 was caused by a combination of factors.
During 2011, we realized $20 million in net gains on the sales of auction rate securities, preferred equity securities and an S&P 500 index fund, as well as a mark-to-market gain on investments.
In 2010, we recorded a $21 million impairment on certain asset-backed auction rate securities, which resulted from provisions that allowed the issuers of the securities to subordinate our holdings to newly-issued debt or to tender for the securities at less than their par value.
Additionally in 2010, we recorded an $8 million loss on the sale of auction rate securities.
The remaining change in investment income was caused by a lower yield earned on our invested assets; however, this was largely offset by a higher average balance of interest-earning investments in our portfolio.
Interest Expense 2012 compared to 2011 Interest expense increased in 2012 compared with 2011, largely due to a higher average balance of debt outstanding, as well as a higher effective interest rate incurred on our debt.
The higher effective interest rate largely resulted from two factors: (1) having a greater proportion of fixed-rate debt outstanding relative to lower-yielding variable rate debt and (2) an increase in the interest rate indices underlying our variable-rate debt and swaps in 2012.
Additionally, interest expense increased in 2012 compared with 2011 due to unfavorable fair value adjustments on interest rate swaps that have not been designated as hedges, as well as the imputation of interest expense on the multiemployer pension withdrawal liability related to the New England Pension Fund.
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 81 NOTE 7.
DEBT AND FINANCING ARRANGEMENTS The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2012 and 2011 (in millions).
The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships.
## Table 3 ##
Commercial Paper We are authorized to borrow up to $10.0 billion under our U. S.  commercial paper program.
We also maintain a European UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 81 NOTE 7.
DEBT AND FINANCING ARRANGEMENTS The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2012 and 2011 (in millions).
The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships.
Commercial Paper We are authorized to borrow up to $10.0 billion under our U. S.  commercial paper program.
We also maintain a European commercial paper program under which we are authorized to borrow up to €1.0 billion in a variety of currencies.
No amounts were outstanding under these programs as of December 31, 2012.
The amount of commercial paper outstanding under these programs in 2013 is expected to fluctuate.
Fixed Rate Senior Notes We have completed several offerings of fixed rate senior notes.
All of the notes pay interest semiannually, and allow for redemption of the notes by UPS at any time by paying the greater of the principal amount or a ¡°make-whole¡± amount, plus accrued interest.
We subsequently entered into interest rate swaps on several of these notes, which effectively converted the fixed interest rates on the notes to variable LIBOR-based interest rates.
The average interest rate payable on these notes, including the impact of the interest rate swaps, for 2012 and 2011, respectively, were as follows:

<table><tr><td></td><td>12/31/2007</td><td>12/31/2008</td><td>12/31/2009</td><td>12/31/2010</td><td>12/31/2011</td><td>12/31/2012</td></tr><tr><td>United Parcel Service, Inc.</td><td>$100.00</td><td>$80.20</td><td>$86.42</td><td>$112.60</td><td>$116.97</td><td>$121.46</td></tr><tr><td>Standard & Poor’s 500 Index</td><td>$100.00</td><td>$63.00</td><td>$79.67</td><td>$91.68</td><td>$93.61</td><td>$108.59</td></tr><tr><td>Dow Jones Transportation Average</td><td>$100.00</td><td>$78.58</td><td>$93.19</td><td>$118.14</td><td>$118.15</td><td>$127.07</td></tr></table>
<table><tr><td></td><td>Volume</td><td>Rates /Product Mix</td><td>FuelSurcharge</td><td>TotalRevenueChange</td></tr><tr><td>Revenue Change Drivers:</td><td></td><td></td><td></td><td></td></tr><tr><td>2012 / 2011</td><td>2.8%</td><td>0.6%</td><td>0.2%</td><td>3.6%</td></tr><tr><td>2011 / 2010</td><td>1.3%</td><td>2.3%</td><td>3.0%</td><td>6.6%</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td><td colspan="2">% Change</td></tr><tr><td></td><td>2012</td><td>2011</td><td>2010</td><td>2012 / 2011</td><td>2011 / 2010</td></tr><tr><td>Investment Income</td><td>$24</td><td>$44</td><td>$3</td><td>-45.5%</td><td>N/A</td></tr><tr><td>Interest Expense</td><td>$-393</td><td>$-348</td><td>$-354</td><td>12.9%</td><td>-1.7%</td></tr></table>
<table><tr><td></td><td rowspan="2">Principal Amount</td><td></td><td colspan="2">Carrying Value</td></tr><tr><td></td><td>Maturity</td><td>2012</td><td>2011</td></tr><tr><td>Commercial paper</td><td>$—</td><td></td><td>$—</td><td>$—</td></tr><tr><td>Fixed-rate senior notes:</td><td></td><td></td><td></td><td></td></tr><tr><td>4.50% senior notes</td><td>1,750</td><td>2013</td><td>1,751</td><td>1,778</td></tr><tr><td>3.875% senior notes</td><td>1,000</td><td>2014</td><td>1,033</td><td>1,050</td></tr><tr><td>1.125% senior notes</td><td>375</td><td>2017</td><td>373</td><td>—</td></tr><tr><td>5.50% senior notes</td><td>750</td><td>2018</td><td>851</td><td>841</td></tr><tr><td>5.125% senior notes</td><td>1,000</td><td>2019</td><td>1,140</td><td>1,119</td></tr><tr><td>3.125% senior notes</td><td>1,500</td><td>2021</td><td>1,655</td><td>1,641</td></tr><tr><td>2.45% senior notes</td><td>1,000</td><td>2022</td><td>996</td><td>—</td></tr><tr><td>6.20% senior notes</td><td>1,500</td><td>2038</td><td>1,480</td><td>1,480</td></tr><tr><td>4.875% senior notes</td><td>500</td><td>2040</td><td>489</td><td>489</td></tr><tr><td>3.625% senior notes</td><td>375</td><td>2042</td><td>367</td><td>—</td></tr><tr><td>8.375% Debentures:</td><td></td><td></td><td></td><td></td></tr><tr><td>8.375% debentures</td><td>424</td><td>2020</td><td>512</td><td>504</td></tr><tr><td>8.375% debentures</td><td>276</td><td>2030</td><td>284</td><td>284</td></tr><tr><td>Pound Sterling Notes:</td><td></td><td></td><td></td><td></td></tr><tr><td>5.50% notes</td><td>107</td><td>2031</td><td>103</td><td>99</td></tr><tr><td>5.13% notes</td><td>734</td><td>2050</td><td>699</td><td>678</td></tr><tr><td>Floating rate senior notes</td><td>378</td><td>2049 – 2053</td><td>374</td><td>376</td></tr><tr><td>Capital lease obligations</td><td>440</td><td>2013 – 3004</td><td>440</td><td>469</td></tr><tr><td>Facility notes and bonds</td><td>320</td><td>2015 – 2036</td><td>320</td><td>320</td></tr><tr><td>Other debt</td><td>3</td><td>2013 - 2022</td><td>3</td><td>—</td></tr><tr><td>Total debt</td><td>$12,432</td><td></td><td>12,870</td><td>11,128</td></tr><tr><td>Less: current maturities</td><td></td><td></td><td>-1,781</td><td>-33</td></tr><tr><td>Long-term debt</td><td></td><td></td><td>$11,089</td><td>$11,095</td></tr></table>

Question: what is the roi of an investment in s&p500 from 2008 to 2009?
Answer: 0.2646