The numbers provided are in thousands of dollars. All securities are selling at par.

Treasury bill $ 90 Time deposits $1,100

Treasury notes $ 55 Fed funds sold $ 230

Treasury bonds $ 176 Demand deposits $2,500

Loans $4,679 Equity $1,170

Notes: All Treasury bills have six months until maturity. One-year Treasury notes are priced at par and have a coupon of 7 percent paid semiannually. Treasury bonds have an average duration of 4.5 years and the loan portfolio has a duration of 7 years. Time deposits have a 1-year duration and the Fed funds duration is .003 years.

If relative change in all market interest rates is an increase of .5%, calculate the impact on the bank's market value of equity using the duration approximation. (That is, R/(1+R) = .5% percent)