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Blue Steel Community Bank has the following market value balance sheet: Asset or Liability Market Value (in $ millions) Duration (in years) Federal funds deposits

Blue Steel Community Bank has the following market value balance sheet:

Asset or Liability Market Value (in $ millions) Duration (in years)
Federal funds deposits $ 30.4 0
Accounts receivable 580.0 .75
Short-term loans 342.5 1.20
Long-term loans 101.3 5.80
Mortgages 488.5 13.40
Checking and savings deposits 659.0 0
Certificates of deposit 412.2 2.15
Long-term financing 337.1 10.35
Equity 134.4 N/A

a. What is the duration of the assets? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. What is the duration of the liabilities? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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