A bank has $70 million of assets with a modified duration of 8 and $60 million of liabilities with a modified duration of 7. The bank is considering paying fixed for floating in a swap where the duration of the fixed leg is 8 and the duration of the floating leg is 0.5. What notional amount is required to completely hedge the banks exposure to interest rate risk?

Group of answer choices

18.67 million

9.33 million

15.56 million

12.44 million