Assume that $100 million face value of MBS were used to create the following tranches issued by Quick Money SPV:

Bond Rating	Amount in million	Allocation in %	Risk weights for CAR (APRA APS 120)
Aaa	$ 30		20%
Aa1	$ 20		20%
Aa2	$ 10		20%
Aa3	$ 5		20%
A1	$ 5		50%
A2	$ 5		50%
A3	$ 5		50%
Baa1	$ 5		100%
Baa2	$ 5		100%
Baa3	$ 5		100%
Ba1	$ 5		350%

Assets		Liabilities and equity
Cash	$10	Demand deposits	$90
Quick Money Aaa tranche	$15	Equity	$10
Quick Money Ba1 tranche	$5
Loans (risk weight 100%)	$70

1. If Big Bank would have invested $20 directly into MBS (the same type of loans as Quick Money) and 15% of the underlying loans would have defaulted, the loss for Big Bank would have been exactly $___. This would have been (better / worse) than the investment in the tranches.