ABIOMED, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements—(Continued) Note 12.
Stock Award Plans and Stock Based Compensation (Continued) The following table summarized stock option activity for the year ended March 31, 2007:
## Table 0 ##
The total intrinsic value of options exercised for the fiscal years 2008, 2007, and 2006 was $1.7 million, $2.0 million, and $1.2 million, respectively.
The total fair value of options vested in fiscal years 2008, 2007, and 2006 was $6.4 million, $5.3 million, and $5.1 million, respectively.
The Company estimates the fair value of each stock option granted at the grant date using the Black-Scholes option valuation model.
The fair value of options granted during the years ended March 31, 2008, 2007 and 2006 were calculated using the following weighted average assumptions:
## Table 1 ##
The risk-free interest rate is based on the U. S.  Treasury yield curve in effect at the time of grant for a term consistent with the expected life of the stock options.
Volatility assumptions are calculated based on the historical volatility of our stock and adjustments for factors not reflected in historical volatility that may be more indicative of future volatility.
The average expected term was estimated using the simplified method for stock option grants before January 1, 2008 as prescribed by the SEC’s Staff Accounting Bulletin No.107, Share-Based Payment.
Beginning with the three months ended March 31, 2008, the Company estimated the expected term based on historical experience.
The calculation of the fair value of the options is net of estimated forfeitures.
Forfeitures are estimated based on an analysis of actual option forfeitures, adjusted to the extent historic forfeitures may not be indicative of forfeitures in the future.
In addition, an expected dividend yield of zero is used in the option valuation model, because the Company does not pay cash dividends and does not expect to pay any cash dividends in the foreseeable future.
The weighted average grant-date fair value for options granted during years ended March 31, 2008, 2007, and 2006 was $7.26, $8.75, and $6.91 per share, respectively.
Variable Options The Company has a consulting agreement with its former Chief Executive Officer (“former CEO”).
Under this consulting agreement, the former CEO has agreed to serve as a senior advisor for four years in exchange for $0.2 million of annual compensation, starting on April 2, 2005.
The former CEO’s existing non-qualified stock options that were awarded in the past during his tenure as the Company’s CEO remain unmodified and will continue to vest during the term of his service as a non-employee advisor.
He has the ability to exercise the options during this term.
These options are considered variable options, the fair value of which will be expensed over the vesting period of the options, subject to adjustment based on the market price of the Company’s common stock at the close of each financial reporting period.
premiums paid by insureds.
In 2010, pricing decreased in both our retail and reinsurance brokerage product lines and we expect similar pricing declines to continue into 2011.
Additionally, beginning in late 2008 and continuing throughout 2010, we faced difficult conditions as a result of unprecedented disruptions in the global economy, the repricing of credit risk and the deterioration of the financial markets.
Weak global economic conditions have reduced our customers’ demand for our retail brokerage and reinsurance brokerage products, which have had a negative impact on our operational results.
Risk Solutions generated approximately 75% of our consolidated total revenues in 2010.
Revenues are generated primarily through fees paid by clients, commissions and fees paid by insurance and reinsurance companies, and investment income on funds held on behalf of clients.
Our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients’ policy renewals, the net effect of new and lost business, the timing of services provided to our clients, and the income we earn on investments, which is heavily influenced by short-term interest rates.
We operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms, as well as with individual brokers, agents, and direct writers of insurance coverage.
Specifically, we address the highly specialized product development and risk management needs of commercial enterprises, professional groups, insurance companies, governments, health care providers, and non-profit groups, among others; provide affinity products for professional liability, life, disability income, and personal lines for individuals, associations, and businesses; provide products and services via GRIP Solutions; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance; provide capital management transaction and advisory products and services, including mergers and acquisitions and other financial advisory services, capital raising, contingent capital financing, insurance-linked securitizations and derivative applications; provide managing underwriting to independent agents and brokers as well as corporate clients; provide risk consulting, actuarial, loss prevention, and administrative services to businesses and consumers; and manage captive insurance companies.
In February 2009, we completed the sale of the U. S.  operations of Cananwill, our premium finance business.
In June and July of 2009, we entered into agreements with third parties with respect to our international premium finance businesses, whereby these third parties began originating, financing, and servicing premium finance loans generated by referrals from our brokerage operations.
In November 2008 we expanded our product offerings through the merger with Benfield, a leading independent reinsurance intermediary.
Benfield products were integrated with our existing reinsurance products in 2009.
Revenue Risk Solutions commissions, fees and other revenue was as follows (in millions):
## Table 2 ##
Notes to the Financial Statements — Continued The tax effects of temporary differences, which gave rise to deferred tax assets and liabilities, are as follows:
## Table 3 ##
Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes is as follows:
## Table 4 ##
Con Edison has a net operating loss carryforward available from the years 1999 through 2014 for which a deferred tax asset of $21 million has been recognized and will not expire until the years 2019 through 2034.
An $11 million valuation allowance for New York City income tax purpose has been provided; as it is not more likely than not that the deferred tax asset will be realized.
In September 2013, the IRS issued final regulations, effective in 2014, that provide guidance on the appropriate tax treatment of costs incurred to acquire, produce or improve tangible property, as well as routine maintenance and repair costs.
Proposed regulations were issued addressing the tax treatment of asset dispositions.
The application of these regulations did not have a material impact on the Companies’ financial position, results of operations or liquidity.
In March 2014, tax legislation was enacted in the State of New York that reduced the corporate franchise tax rate from 7.1 percent to 6.5 percent, beginning January 1, 2016.
The
Management is required to use estimates and assumptions in its valuation of our investments, which requires a high degree of judgment, and therefore, actual results could differ materially from those estimates.
See Note 5 to the consolidated financial statements in “Item 8.
Financial Statements and Supplementary Data” in this Annual Report on Form 10-K for additional information regarding fair value measurements.
Summary of Cash Flows

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Options (in thousands)</td><td> Weighted  Average Exercise Price</td><td> Weighted  Average Remaining  Contractual Term (years)</td><td> Aggregate Intrinsic Value  (in thousands)</td></tr><tr><td>Outstanding at beginning of year</td><td>3,962</td><td>$10.11</td><td></td><td></td></tr><tr><td>Granted</td><td>1,103</td><td>13.57</td><td></td><td></td></tr><tr><td>Exercised</td><td>-351</td><td>7.84</td><td></td><td></td></tr><tr><td>Cancelled</td><td>-348</td><td>10.85</td><td></td><td></td></tr><tr><td>Expired</td><td>-60</td><td>15.95</td><td></td><td></td></tr><tr><td>Outstanding at end of year</td><td>4,306</td><td>$11.04</td><td>7.03</td><td>$13,648</td></tr><tr><td>Exercisable at end of year</td><td>1,997</td><td>$10.72</td><td>5.42</td><td>$8,151</td></tr><tr><td>Vested and Unvested expected to vest at end of year</td><td>3,960</td><td>$11.02</td><td></td><td></td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td> 2006</td></tr><tr><td>Risk-free interest rate</td><td>4.38%</td><td>4.97%</td><td>4.14%</td></tr><tr><td>Expected option life (years)</td><td>5.93</td><td>6.25</td><td>7.30</td></tr><tr><td>Expected volatility</td><td>56.6%</td><td>65.0%</td><td>73.0%</td></tr></table>
<table><tr><td>Years ended December 31, </td><td> 2010 </td><td>2009 </td><td>2008 </td></tr><tr><td>Retail brokerage:</td><td></td><td></td><td></td></tr><tr><td>Americas</td><td>$2,377</td><td>$2,249</td><td>$2,280</td></tr><tr><td>United Kingdom</td><td>629</td><td>650</td><td>742</td></tr><tr><td>Europe, Middle East & Africa</td><td>1,400</td><td>1,392</td><td>1,515</td></tr><tr><td>Asia Pacific</td><td>519</td><td>456</td><td>491</td></tr><tr><td>Total retail brokerage</td><td>4,925</td><td>4,747</td><td>5,028</td></tr><tr><td>Reinsurance brokerage</td><td>1,444</td><td>1,485</td><td>1,001</td></tr><tr><td>Total</td><td>$6,369</td><td>$6,232</td><td>$6,029</td></tr></table>
<table><tr><td></td><td colspan="2">Con Edison</td><td colspan="2">CECONY</td></tr><tr><td> (Millions of Dollars)</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td></tr><tr><td>Deferred tax liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Property basis differences</td><td>$7,510</td><td>$7,012</td><td>$6,938</td><td>$6,424</td></tr><tr><td>Unrecognized pension and other postretirement costs</td><td>1,968</td><td>1,109</td><td>1,872</td><td>1,060</td></tr><tr><td>Regulatory asset – future income tax</td><td>910</td><td>871</td><td>863</td><td>825</td></tr><tr><td>Environmental remediation costs</td><td>376</td><td>381</td><td>333</td><td>337</td></tr><tr><td>Deferred storm costs</td><td>129</td><td>179</td><td>91</td><td>136</td></tr><tr><td>Equity investmentsOther regulatory assets</td><td>168 347</td><td>21 402</td><td>- 300</td><td>- 364</td></tr><tr><td>Unamortized investment tax credits</td><td>126</td><td>43</td><td>37</td><td>42</td></tr><tr><td>Total deferred tax liabilities and investment tax credits</td><td>11,534</td><td>10,018</td><td>10,434</td><td>9,188</td></tr><tr><td>Deferred tax assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Accrued pension and other postretirement costsRegulatory liabilities</td><td>1,306 615</td><td>458 604</td><td>1,155 574</td><td>364 569</td></tr><tr><td>Superfund and other environmental costs</td><td>306</td><td>301</td><td>264</td><td>256</td></tr><tr><td>Asset retirement obligations</td><td>77</td><td>58</td><td>75</td><td>58</td></tr><tr><td>Loss carryforwards</td><td>21</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Loss carryforwards, valuation reserve</td><td>-11</td><td>-12</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>272</td><td>253</td><td>203</td><td>209</td></tr><tr><td>Total deferred tax assets</td><td>2,586</td><td>1,674</td><td>2,271</td><td>1,456</td></tr><tr><td>Net deferred tax liabilities and investment tax credits</td><td>$8,948</td><td>$8,344</td><td>$8,163</td><td>$7,732</td></tr><tr><td>Deferred income taxes and investment tax credits – noncurrent</td><td>$9,076</td><td>$8,466</td><td>$8,257</td><td>$7,832</td></tr><tr><td>Deferred tax assets – current</td><td>-128</td><td>-122</td><td>-94</td><td>-100</td></tr><tr><td>Net deferred tax liabilities and investment tax credits</td><td>$8,948</td><td>$8,344</td><td>$8,163</td><td>$7,732</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td> (% of Pre-tax income)</td><td>2014</td><td>2013</td><td>2012</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>STATUTORY TAX RATE</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal</td><td>35%</td><td>35%</td><td>35%</td><td>35%</td><td>35%</td><td>35%</td></tr><tr><td>Changes in computed taxes resulting from:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>State income tax</td><td>5</td><td>4</td><td>4</td><td>5</td><td>5</td><td>4</td></tr><tr><td>Cost of removal</td><td>-5</td><td>-5</td><td>-4</td><td>-5</td><td>-5</td><td>-4</td></tr><tr><td>Manufacturing deduction</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-1</td><td>-2</td><td>-1</td><td>-1</td><td>-1</td><td>-1</td></tr><tr><td>Effective tax rate</td><td>34%</td><td>31%</td><td>34%</td><td>34%</td><td>34%</td><td>34%</td></tr></table>

Question: What is the average growth rate of Net deferred tax liabilities and investment tax credits in terms of Con Edison between 2013 and 2014?
Answer: 0.07239
Reasoning program: subtract(8948,8344), divide(#0,8344)