Table:
|  |  | Years Ended December 31, |  |
| --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 |
| Expected life (years) | 2.8 | 2.9 | 2.9 |
| Interest rate | 2.5% | 2.4% | 1.5% |
| Volatility | 29.3% | 28.0% | 26.5% |
| Expected dividend yield | — | — | — |
Paragraphs:
Total Shareholder Return Awards
During the years ended December 31, 2019, 2018, and 2017, pursuant to the 2016 Incentive Plan, the Company granted total shareholder return awards (“TSRs”). TSRs are performance shares that are earned, if at all, based upon the Company’s total shareholder return as compared to a group of peer companies over a three-year performance period. The award payout can range from 0% to 200%. To determine the grant date fair value of the TSRs, a Monte Carlo simulation model is used. The Company recognizes compensation expense for the TSRs over a three-year performance period based on the grant date fair value.
The grant date fair value of the TSRs was estimated using the following weighted-average assumptions:
Question:
What was the percentage change in expected life (years) between 2018 and 2019?
Answer: (2.8-2.9)/2.9 = -3.45