management 2019s discussion and analysis jpmorgan chase & co . / 2008 annual report 39 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 stock index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the s&p financial index is an index of 81 financial companies , all of which are within the s&p 500 . the firm is a component of both industry indices . the following table and graph assumes simultaneous investments of $ 100 on december 31 , 2003 , in jpmorgan chase common stock and in each of the above s&p indices . the comparison assumes that all dividends are reinvested . this section of the jpmorgan chase 2019s annual report for the year ended december 31 , 2008 ( 201cannual report 201d ) provides manage- ment 2019s discussion and analysis of the financial condition and results of operations ( 201cmd&a 201d ) of jpmorgan chase . see the glossary of terms on pages 230 2013233 for definitions of terms used throughout this annual report . the md&a included in this annual report con- tains statements that are forward-looking within the meaning of the private securities litigation reform act of 1995 . such statements are based upon the current beliefs and expectations of jpmorgan december 31 .

Table:
( in dollars ) | 2003 | 2004 | 2005 | 2006 | 2007 | 2008
jpmorgan chase | $ 100.00 | $ 109.92 | $ 116.02 | $ 145.36 | $ 134.91 | $ 100.54
s&p financial index | 100.00 | 110.89 | 118.07 | 140.73 | 114.51 | 51.17
s&p500 | 100.00 | 110.88 | 116.33 | 134.70 | 142.10 | 89.53
december 31 , ( in dollars ) 2003 2004 2005 2006 2007 2008 s&p financial s&p 500jpmorgan chase chase 2019s management and are subject to significant risks and uncer- tainties .
these risks and uncertainties could cause jpmorgan chase 2019s results to differ materially from those set forth in such forward-look- ing statements .
certain of such risks and uncertainties are described herein ( see forward-looking statements on page 127 of this annual report ) and in the jpmorgan chase annual report on form 10-k for the year ended december 31 , 2008 ( 201c2008 form 10-k 201d ) , in part i , item 1a : risk factors , to which reference is hereby made .
introduction jpmorgan chase & co. , a financial holding company incorporated under delaware law in 1968 , is a leading global financial services firm and one of the largest banking institutions in the united states of america ( 201cu.s . 201d ) , with $ 2.2 trillion in assets , $ 166.9 billion in stockholders 2019 equity and operations in more than 60 countries as of december 31 , 2008 .
the firm is a leader in investment banking , financial services for consumers and businesses , financial transaction processing and asset management .
under the j.p .
morgan and chase brands , the firm serves millions of customers in the u.s .
and many of the world 2019s most prominent corporate , institutional and government clients .
jpmorgan chase 2019s principal bank subsidiaries are jpmorgan chase bank , national association ( 201cjpmorgan chase bank , n.a . 201d ) , a nation- al banking association with branches in 23 states in the u.s. ; and chase bank usa , national association ( 201cchase bank usa , n.a . 201d ) , a national bank that is the firm 2019s credit card issuing bank .
jpmorgan chase 2019s principal nonbank subsidiary is j.p .
morgan securities inc. , the firm 2019s u.s .
investment banking firm .
jpmorgan chase 2019s activities are organized , for management reporting purposes , into six business segments , as well as corporate/private equity .
the firm 2019s wholesale businesses comprise the investment bank , commercial banking , treasury & securities services and asset management segments .
the firm 2019s consumer businesses comprise the retail financial services and card services segments .
a description of the firm 2019s business segments , and the products and services they pro- vide to their respective client bases , follows .
investment bank j.p .
morgan is one of the world 2019s leading investment banks , with deep client relationships and broad product capabilities .
the investment bank 2019s clients are corporations , financial institutions , governments and institutional investors .
the firm offers a full range of investment banking products and services in all major capital markets , including advising on corporate strategy and structure , cap- ital raising in equity and debt markets , sophisticated risk manage- ment , market-making in cash securities and derivative instruments , prime brokerage and research .
the investment bank ( 201cib 201d ) also selectively commits the firm 2019s own capital to principal investing and trading activities .
retail financial services retail financial services ( 201crfs 201d ) , which includes the retail banking and consumer lending reporting segments , serves consumers and businesses through personal service at bank branches and through atms , online banking and telephone banking as well as through auto dealerships and school financial aid offices .
customers can use more than 5400 bank branches ( third-largest nationally ) and 14500 atms ( second-largest nationally ) as well as online and mobile bank- ing around the clock .
more than 21400 branch salespeople assist .

Question: based on the belief and expectations of the jpmorgan chase expectations what was the ratio of the jpmorgan chase to the s&p financial index performance at december 312008
Answer: 1.96
Calculation: divide(100.54, 51.17)