CISCO SYSTEMS, INC. | 2013 | FY | 3


The assumptions for the valuation of employee stock purchase rights are summarized as follows:
 
EMPLOYEE STOCK PURCHASE RIGHTS
Years Ended
July 27,
2013
 
July 28,
2012

 
July 30,
2011

Weighted-average assumptions:
 
 
 
 
 
   Expected volatility
28.7
%
 
27.2
%
 
35.1
%
   Risk-free interest rate
0.4
%
 
0.2
%
 
0.9
%
   Expected dividend
1.5
%
 
1.5
%
 
0.0
%
   Expected life (in years)
1.8

 
0.8

 
1.8

Weighted-average estimated grant date fair value per share
$
4.68

 
$
3.81

 
$
6.31


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