LENNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 75 The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams.
The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage.
The Company generally uses a discount rate of approximately 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory.
The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change.
For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.
As of November 30, 2018, the Company reviewed its communities for potential indicators of impairments and identified 25 homebuilding communities with 1,121 homesites and a carrying value of $211.3 million as having potential indicators of impairment.
For the year ended November 30, 2018, the Company recorded valuation adjustments of $31.3 million on 733 homesites in six communities with a carrying value of $64.6 million.
As of November 30, 2017, the Company reviewed its communities for potential indicators of impairments and identified ten homebuilding communities with 630 homesites and a carrying value of $100.4 million as having potential indicators of impairment.
For the year ended November 30, 2017, the Company recorded valuation adjustments of $7.9 million on 473 homesites in seven communities with a carrying value of $13.9 million.
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2018 and 2017:
## Table 0 ##
The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties and unconsolidated entities until it has determined whether to exercise its option.
A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land.
The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown.
In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option.
If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the deposit amount and any related preacquisition costs associated with the option contract.
Some option contracts contain a predetermined take-down schedule for the optioned land parcels.
However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules.
In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs.
Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation.
When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract.
Note Regarding Forward-Looking Statements This Annual Report, including the Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements give expectations or forecasts of future events.
These statements can be identified by the fact that they do not relate strictly to historical or current facts.
They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance.
In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations.
” Selected Financial Data The following selected financial data has been derived from the Company’s audited consolidated financial statements.
The statement of income data for the years ended December 31, 2008, 2007 and 2006, and the balance sheet data at December 31, 2008 and 2007 have been derived from the Company’s audited financial statements included elsewhere herein.
The statement of income data for the years ended December 31, 2005 and 2004, and the balance sheet data at December 31, 2006, 2005 and 2004 have been derived from the Company’s audited financial statements not included herein.
The selected financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere herein.
Some previously reported amounts, most notably discontinued operations discussed in footnote 2, have been reclassified to conform with the presentation at and for the year ended December 31, 2008.
## Table 1 ##
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2008 (in millions, except as noted) The following table sets forth the use of net proceeds of $19.1 billion received in connection with the Company’s IPO in March 2008:
## Table 2 ##
Redemptions Class B Common Stock and Class C Common Stock Other than Class C (Series II) Common Stock—March 2008 In March 2008, the Company completed the required redemption of a portion of the class B common stock and class C (series I) common stock.
The Company used $13.4 billion of net proceeds from the IPO to redeem 154,738,487 shares of class B common stock and 159,657,751 shares of class C (series I) common stock at a redemption price of $42.77 per share.
After the redemptions and subject to the restrictions set forth in the Company’s amended and restated certificate of incorporation (the “Charter”) and the conversion and transfer restrictions below, all outstanding shares of class B common stock are convertible into 175,367,482 shares of class A common stock and 152,009,651 shares of class C (series I, III and IV) common stock are convertible into shares of class A common stock on a one-to-one basis.
As a result of the initial funding of the litigation escrow account, the conversion rate applicable to class B common stock was reduced to approximately 0.71 shares of class A common stock for each share of class B common stock, and the 245,513,385 shares of class B common stock were convertible into 175,367,482 shares of class A common stock.
The number of shares of class C (series I, III and IV) common stock convertible into shares of class A common stock excludes those class C (series III) common shares that were redeemed in October 2008, as further described below.
Class C (Series III) Common Stock and Class C (Series II) Common Stock—October 2008 As anticipated, in October 2008, the Company used $1.508 billion of net proceeds from the IPO for the required redemption of 35,263,585 shares of class C (series III) common stock at a redemption price of $42.77 per share as required by the Charter.
Following the October 2008 redemption, the remaining 27,499,203 shares of class C (series III) and class C (series IV) common stock outstanding automatically converted into shares of class C (series I) common stock on a one-to-one basis.
The Company also used $1.146 billion of the net proceeds from the IPO to fund the redemption of all class C (series II) common stock in October 2008.
The redemption price of $1.146 billion was adjusted for dividends paid and related interest, par value of related shares redeemed, and the return to Visa Europe of the class C (series II) common stock subscription receivable outstanding, resulting in a cash payment of $1.136 billion.
As a result of the execution of the IPO, Visa Europe had the option to
7.
DERIVATIVE INSTRUMENTS Effective January 1, 2001, AES adopted SFAS No.133, ‘‘Accounting For Derivative Instruments And Hedging Activities,’’ which, as amended, establishes accounting and reporting standards for derivative instruments and hedging activities.
The adoption of SFAS No.133 on January 1, 2001, resulted in a cumulative reduction to income of less than $1 million, net of deferred income tax effects, and a cumulative reduction of accumulated other comprehensive income in stockholders’ equity of $93 million, net of deferred income tax effects.
For the year ended December 31, 2001, the impact of changes in derivative fair value primarily related to derivatives that do not qualify for hedge accounting treatment was a charge of $36 million, after income taxes.
This amount includes a charge of $6 million, after income taxes, related to the ineffective portion of derivatives qualifying as cash flow and fair value hedges for the year ended December 31, 2001.
There was no net effect on results of operations for the year ended December 31, 2001, of derivative and non-derivative instruments that have been designated and qualified as hedging net investments in foreign operations.
Approximately $35 million of other comprehensive loss related to derivative instruments as of December 31, 2001 is expected to be recognized as a reduction to earnings over the next twelve months.
A portion of this amount is expected to be offset by the effects of hedge accounting.
The balance in accumulated other comprehensive loss related to derivative transactions will be reclassified into earnings as interest expense is recognized for hedges of interest rate risk, as foreign currency transaction and translation gains and losses are recognized for hedges of foreign currency exposure and as electric and gas sales and purchases are recognized for hedges of forecasted electric and gas transactions.
Amounts recorded in accumulated other comprehensive income, net of tax, during the year-ended December 31, 2001, were as follows (in millions):
## Table 3 ##
AES utilizes derivative financial instruments to hedge interest rate risk, foreign exchange risk and commodity price risk.
The Company utilizes interest rate swap, cap and floor agreements to hedge interest rate risk on floating rate debt.
The majority of AES’s interest rate derivatives are designated and qualify as cash flow hedges.
Currency forward and swap agreements are utilized to hedge foreign exchange risk which is a result of AES or one of its subsidiaries entering into monetary obligations in currencies other than its own functional currency.
The majority of AES’s foreign currency derivatives are designated and qualify as either fair value hedges or cash flow hedges.
Certain derivative instruments and other non-derivative instruments are designated and qualify as hedges of the foreign currency exposure of a net investment in a foreign operation.
The Company utilizes electric and gas derivative instruments, including swaps, options, forwards and futures, to hedge the risk related to electricity and gas sales and purchases.
The majority of AES’s electric and gas derivatives are designated and qualify as cash flow hedges.
The maximum length of time over which AES is hedging its exposure to variability in future cash flows for forecasted transactions, excluding forecasted transactions related to the payment of variable interest, is three years.
For the year ended December 31, 2001, a charge of $4 million, after income taxes, was recorded for two cash flow hedges that were discontinued because it is probable that the hedged forecasted transaction will not occur.
A portion of this charge has been classified as discontinued operations.
For the year ended December 31, 2001, no fair value hedges were de-recognized or discontinued.
As of December 31, 2009, the Company had approximately $8.5 billion of cash equivalents.
Level 3 Valuation Techniques Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.
Level 3 financial assets also include certain investment securities for which there is limited market activity such that the determination of fair value requires significant judgment or estimation.
The Company’s Level 3 investment securities at December 31, 2009, primarily include certain mortgage-backed and asset-backed securities, as well as certain corporate notes and bonds for which there was a decrease in the observability of market pricing for these investments.
These securities were valued primarily using pricing models for which management understands the methodologies.
These models incorporate transaction details such as contractual terms, maturity, timing and amount of future cash inflows, as well as assumptions about liquidity and credit valuation adjustments of marketplace participants at December 31, 2009.
The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
## Table 4 ##
(1) Transfers in and out of Level 3 are deemed to occur at the beginning of the quarter in which the transaction takes place.
(2) Amounts are recorded in Other (income) expense, net.
On January 1, 2008, Old Merck had $1,273.1 million invested in a short-term fixed income fund (the “Fund”).
Due to market liquidity conditions, cash redemptions from the Fund were restricted.
As a result of this restriction on cash redemptions, Old Merck did not consider the Fund to be traded in an active market with observable pricing on January 1, 2008 and these amounts were categorized as Level 3.
On January 7, 2008, Old Merck elected to be redeemed-in-kind from the Fund and received its share of the underlying securities of the Fund.
As a result, the majority of the underlying securities were transferred out of Level 3 as it was determined that these securities had observable markets.
On December 31, 2009, $71.5 million of the investment securities associated with the redemption-in-kind were classified in Level 3 as the securities contained at least one significant input which was unobservable.
These securities account for the entire balance of the Company’s Level 3 assets at December 31, 2009.
During 2009, Level 3 investments in the aggregate amount of $26.7 million, which were no longer pledged as collateral, were reclassified from Other assets to available-for-sale investments.
Financial Instruments not Measured at Fair Value Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature, such as cash and cash equivalents, receivables and payables.
Table of Contents 123 plans (of which $115 million and $(55) million, respectively, relates to U. S.  pension plans).
The estimated prior service cost (credit) amounts that will be amortized from AOCI into net pension and postretirement benefit cost during 2016 for other postretirement benefit plans is $(106) million.
Actuarial Assumptions The Company reassesses its benefit plan assumptions on a regular basis.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="6">Years ended November 30,</td></tr><tr><td>Unobservable inputs</td><td colspan="3">2018 Range</td><td colspan="3">2017 Range</td></tr><tr><td>Average selling price</td><td>$233,000</td><td>-</td><td>$843,000</td><td>$125,000</td><td>-</td><td>$567,000</td></tr><tr><td>Absorption rate per quarter (homes)</td><td>4</td><td>-</td><td>16</td><td>4</td><td>-</td><td>10</td></tr><tr><td>Discount rate</td><td colspan="3">20%</td><td colspan="3">20%</td></tr></table>
<table><tr><td></td><td colspan="5">Years Ended December 31,</td></tr><tr><td></td><td>2008</td><td>2007</td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td> Statement of Income Data -1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues -2, (3):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$25,914</td><td>$22,970</td><td>$22,052</td><td>$20,979</td><td>$18,842</td></tr><tr><td>Universal life and investment-type product policy fees</td><td>5,381</td><td>5,238</td><td>4,711</td><td>3,775</td><td>2,819</td></tr><tr><td>Net investment income</td><td>16,296</td><td>18,063</td><td>16,247</td><td>14,064</td><td>11,627</td></tr><tr><td>Other revenues</td><td>1,586</td><td>1,465</td><td>1,301</td><td>1,221</td><td>1,152</td></tr><tr><td>Net investment gains (losses)</td><td>1,812</td><td>-578</td><td>-1,382</td><td>-112</td><td>114</td></tr><tr><td>Total revenues</td><td>50,989</td><td>47,158</td><td>42,929</td><td>39,927</td><td>34,554</td></tr><tr><td>Expenses -2, (3):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and claims</td><td>27,437</td><td>23,783</td><td>22,869</td><td>22,236</td><td>19,907</td></tr><tr><td>Interest credited to policyholder account balances</td><td>4,787</td><td>5,461</td><td>4,899</td><td>3,650</td><td>2,766</td></tr><tr><td>Policyholder dividends</td><td>1,751</td><td>1,723</td><td>1,698</td><td>1,678</td><td>1,664</td></tr><tr><td>Other expenses</td><td>11,924</td><td>10,429</td><td>9,537</td><td>8,259</td><td>6,833</td></tr><tr><td>Total expenses</td><td>45,899</td><td>41,396</td><td>39,003</td><td>35,823</td><td>31,170</td></tr><tr><td>Income from continuing operations before provision for income tax</td><td>5,090</td><td>5,762</td><td>3,926</td><td>4,104</td><td>3,384</td></tr><tr><td>Provision for income tax -2</td><td>1,580</td><td>1,660</td><td>1,016</td><td>1,156</td><td>931</td></tr><tr><td>Income from continuing operations</td><td>3,510</td><td>4,102</td><td>2,910</td><td>2,948</td><td>2,453</td></tr><tr><td>Income (loss) from discontinued operations, net of income tax (2)</td><td>-301</td><td>215</td><td>3,383</td><td>1,766</td><td>391</td></tr><tr><td>Income before cumulative effect of a change in accounting, net of income tax</td><td>3,209</td><td>4,317</td><td>6,293</td><td>4,714</td><td>2,844</td></tr><tr><td>Cumulative effect of a change in accounting, net of income tax -3</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-86</td></tr><tr><td>Net income</td><td>3,209</td><td>4,317</td><td>6,293</td><td>4,714</td><td>2,758</td></tr><tr><td>Preferred stock dividends</td><td>125</td><td>137</td><td>134</td><td>63</td><td>—</td></tr><tr><td>Net income available to common shareholders</td><td>$3,084</td><td>$4,180</td><td>$6,159</td><td>$4,651</td><td>$2,758</td></tr></table>
<table><tr><td></td><td>(in billions)</td></tr><tr><td>Net IPO proceeds</td><td>$19.1</td></tr><tr><td>March 2008 redemptions of class B and class C (series I) common stock</td><td>-13.4</td></tr><tr><td>Funding of escrow account</td><td>-3.0</td></tr><tr><td>Balance at September 30, 2008</td><td>2.7</td></tr><tr><td>October 2008 redemptions of class C (series II) and class C (series III) common stock</td><td>-2.7</td></tr><tr><td>Balance of proceeds following October redemptions</td><td>$—</td></tr></table>
<table><tr><td>Transition adjustment on January 1, 2001</td><td>$-93</td></tr><tr><td>Reclassification to earnings</td><td>-32</td></tr><tr><td>Change in fair value</td><td>4</td></tr><tr><td>Balance, December 31, 2001</td><td>$-121</td></tr></table>
<table><tr><td></td><td colspan="4">2009</td><td colspan="3">2008</td></tr><tr><td></td><td colspan="2">Available- for-Sale Investments</td><td>Other Assets</td><td>Total</td><td>Other Debt Securities</td><td>Other Assets</td><td>Total</td></tr><tr><td>Beginning balance January 1</td><td> $</td><td>-</td><td>$96.6</td><td>$96.6</td><td>$314.5</td><td>$958.6</td><td>$1,273.1</td></tr><tr><td>Net transfers in to (out of) Level 3<i><sup>(1)</sup></i></td><td></td><td>26.7</td><td>14.5</td><td>41.2</td><td>-314.5</td><td>-684.5</td><td>-999.0</td></tr><tr><td>Purchases, sales, settlements, net</td><td></td><td>-26.9</td><td>-48.8</td><td>-75.7</td><td>-</td><td>-132.8</td><td>-132.8</td></tr><tr><td>Total realized and unrealized gains (losses)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Included in:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings<i><sup>-2</sup></i></td><td></td><td>0.5</td><td>-4.5</td><td>-4.0</td><td>-</td><td>-43.6</td><td>-43.6</td></tr><tr><td>Comprehensive income</td><td></td><td>-0.3</td><td>13.7</td><td>13.4</td><td>-</td><td>-1.1</td><td>-1.1</td></tr><tr><td>Ending balance at December 31</td><td> $</td><td>-</td><td>$71.5</td><td>$71.5</td><td>$-</td><td>$96.6</td><td>$96.6</td></tr><tr><td>Losses recorded in earnings for Level 3 assets still held at December 31</td><td> $</td><td>-</td><td>$3.3</td><td>$3.3</td><td>$-</td><td>$-44.3</td><td>$-44.3</td></tr></table>

Question: What is the average value of Interest credited to policyholder account balances in 2007,2006 and 2005? (in million)
Answer: 4670
Reasoning program: add(5461,4899), add(#0,3650), divide(#1,const_3)