Suppose a bank with $500 million in assets has average asset duration of 4.5 years, and an average liability duration of 7 years. The bank also has a total debt ratio of 90%. R may be thought of as the required return on equity or perhaps as the average interest rate level. If R is 12% and the bank is expecting a 150 basis point increase in interest rates, by how much will the equity value change?

	-$12,053,571.43
	-10,050,217.86
	$12,053,571.43
	None of the above.