Question: First Duration, a securities dealer, has a leverage-adjusted duration gap of 1.3 years, $66 million in assets, 7 percent equity to assets ratio, and market

First Duration, a securities dealer, has a leverage-adjusted duration gap of 1.3 years, $66 million in assets, 7 percent equity to assets ratio, and market rates are 9 percent. What is the impact on the dealer's market value of equity per $100 of assets if the change in all interest rates is an increase of 0.5 percent [i.e., R = 0.5 percent] Round your answer to two decimal places.

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