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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 $ 27.5 0
Accounts receivable 612.0 .90
Short-term loans 343.1 1.35
Long-term loans 102.2 5.95
Mortgages 489.9 13.55
Checking and savings deposits 620.0 0
Certificates of deposit 412.8 2.30
Long-term financing 337.4 10.50
Equity 204.5 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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