JPMORGAN CHASE & CO | 2013 | FY | 3

The following table presents the assumptions used to value employee stock options and SARs granted during the years ended December 31, 2013, 2012 and 2011, under the Black-Scholes valuation model.
Year ended December 31,
 
2013

 
2012

 
2011

Weighted-average annualized valuation assumptions
 
 
 
 
 
 
Risk-free interest rate
 
1.18
%
 
1.19
%
 
2.58
%
Expected dividend yield
 
2.66

 
3.15

 
2.20

Expected common stock price volatility
 
28

 
35

 
34

Expected life (in years)
 
6.6
 
6.6
 
6.5

us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock