The historical average rate (after an adjustment for inflation) is roughly 3.25 to 3.5 percent.

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Johnson further notes that if the Dow had grown at its historical average annual rate of 10% since July 1982, it would have only reached 5, 440 by now.

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Although we expect IBM to maintain its high margins given the strength of its GBS business, a contraction in GBS profit margin in the future to historical average of rate of 12.5% would result in downside of 5% to the Trefis price estimate.

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