JOHNSON & JOHNSON | 2013 | FY | 3


The average fair value of options granted was $4.88, $6.39 and $7.47, in 2013, 2012 and 2011, respectively. The fair value was estimated based on the weighted average assumptions of:
 
2013
 
2012
 
2011
Risk-free rate
1.01
%
 
1.06
%
 
2.41
%
Expected volatility
14.04
%
 
18.38
%
 
18.20
%
Expected life (in years)
6.0

 
6.0

 
6.0

Dividend yield
3.40
%
 
3.60
%
 
3.60
%

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