An S&L Owns Mortgages Hat Have a Current Market Value

An S&L owns mortgages hat have a current market value of $325 million.The duration of this
Portfolio of mortgages is 15.9 years.The S&L finances its mortgages by issuing CDs and the current value of these liabilities is $275 million.The duration of these liabilities is 4.6 years.What is the initial duration of the equity for the S&L?

A) 103.25 years
B) 78.05 years
C) 25.30 years
D) 53.00 years