insurance arrangement.
As a result of the adoption of this new guidance, the Company recorded a liabilityrepresenting the actuarial present value of the future death benefits as of the employees’ expected retirement dateof $45 million with the offset reflected as a cumulative-effect adjustment to January 1, 2008 Retained earningsand Accumulated other comprehensive income (loss) in the amounts of $4 million and $41 million, respectively,in the Company’s consolidated statement of stockholders’ equity.
It is currently expected that minimal, if any,further cash paymentswill be required to fund these policies.
The net periodic cost for these split-dollar life insurance arrangements was $6 million in both the years endedDecember 31, 2009 and 2008.
The Company has recorded a liability representing the actuarial present value ofthe future death benefits as of the employees’ expected retirement date of $48 million and $47 million as ofDecember 31, 2009 and December 31, 2008, respectively.
Defined Contribution PlanThe Company and certain subsidiaries have various defined contribution plans, in which all eligibleemployees participate.
In the U. S. , the 401(k) plan is a contributory plan.
Matching contributions are based uponthe amount of the employees’ contributions.
Effective January 1, 2005, newly hired employees have a highermaximum matching contribution at 4% on the first 5% of employee contributions, compared to 3% on the first6% of employee contributions for employees hired prior to January 2005.
Effective January 1, 2009, theCompany temporarily suspended all matching contributions to the Motorola 401(k) plan.
The Company’sexpenses, primarily relating to the employer match, for all defined contribution plans, for the years endedDecember 31, 2009, 2008 and 2007 were $8 million, $95 million and $116 million, respectively.8.
Share-Based Compensation Plans and Other Incentive PlansStock Options, Stock Appreciation Rights and Employee Stock Purchase PlanThe Company grants options to acquire shares of common stock to certain employees, and existing optionholders in connection with the merging of option plans following an acquisition.
Each option granted and stockappreciation right has an exercise price of no less than 100% of the fair market value of the common stock onthe date of the grant.
The awards have a contractual life of five to ten years and vest over two to four years.
Stock options and stock appreciation rights assumed or replaced with comparable stock options or stockappreciation rights in conjunction with a change in control only become exercisable if the holder is alsoinvoluntarily terminated (for a reason other than cause) or quits for good reason within 24 months of a change incontrol.
The employee stock purchase plan allows eligible participants to purchase shares of the Company’s commonstock through payroll deductions of up to 10% of eligible compensation on an after-tax basis.
Plan participantscannot purchase more than $25,000 of stock in any calendar year.
The price an employee pays per share is 85%of the lower of the fair market value of the Company’s stock on the close of the first trading day or last tradingday of the purchase period.
The plan has two purchase periods, the first one from October 1 through March 31and the second one from April 1 through September 30.
For the years ended December 31, 2009, 2008 and2007, employees purchased 29.4 million, 18.9 million and 10.2 million shares, respectively, at purchase prices of$3.60 and $3.68, $7.91 and $6.07, and $14.93 and $15.02, respectively.
The Company calculates the value of each employee stock option, estimated on the date of grant, using theBlack-Scholes option pricing model.
The weighted-average estimated fair value of employee stock options grantedduring 2009, 2008 and 2007 was $2.78, $3.47 and $5.95, respectively, using the following weighted-averageassumptions:
## Table 0 ##
RAYMOND JAMES FINANCIAL, INC AND SUBSIDIARIES Notes to Consolidated Financial Statements 120 We segregate our loan portfolio into six loan portfolio segments: C&I, CRE, CRE construction, tax-exempt, residential mortgage and SBL.
These portfolio segments also serve as the portfolio loan classes for purposes of credit analysis, except for residential mortgage loans which are further disaggregated into residential first mortgage and residential home equity classes.
See Note 2 for a discussion of accounting policies related to bank loans and allowances for losses.
The following tables present the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in RJ Bank’s total loan portfolio.
“Loans held for sale, net” and “Total loans held for investment, net” in the following table are presented net of unearned income and deferred expenses, which include purchase premiums, purchase discounts and net deferred origination fees and costs.
## Table 1 ##
September 30
## Table 2 ##
At September 30, 2018, the FHLB had a blanket lien on RJ Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings.
See Note 14 for more information regarding borrowings from the FHLB.
Loans held for sale RJ Bank originated or purchased $1.69 billion, $1.67 billion and $1.80 billion of loans held for sale during the years ended September 30, 2018, 2017 and 2016, respectively.
Proceeds from the sale of these held for sale loans amounted to $606 million, $439 million and $383 million for the years ended September 30, 2018, 2017 and 2016, respectively.
Net gains resulting from such sales amounted to $2 million in each of the years ended September 30, 2018, 2017 and 2016.
RAYMOND JAMES FINANCIAL, INC.  AND SUBSIDIARIES Management's Discussion and Analysis 54 Non-interest expenses increased $27 million, or 27%.
Fiscal year 2017 included $46 million of losses on extinguishment of debt comprised of a make-whole premium and the acceleration of unamortized debt issuance costs related to the early extinguishment of our senior notes during fiscal 2017.
Acquisition-related expenses in fiscal year 2017, which were $23 million, or 56%, lower than fiscal 2016, pertained to certain incremental expenses incurred in connection with our November 2017 acquisition of the Scout Group as well as our fiscal year 2016 acquisitions of Alex.
Brown and 3Macs.
See Note 3 of the Notes to Consolidated Financial Statements of this Form 10-K for information regarding the components of these expenses.
Certain statistical disclosures by bank holding companies We are required to provide certain statistical disclosures required for bank holding companies under the SEC’s Industry Guide 3.
The following table provides certain of those disclosures.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2009</td><td>2008</td><td><i>2007</i></td></tr><tr><td>Expected volatility</td><td>57.1%</td><td>56.4%</td><td>28.3%</td></tr><tr><td>Risk-free interest rate</td><td>1.9%</td><td>2.4%</td><td>4.5%</td></tr><tr><td>Dividend yield</td><td>0.0%</td><td>2.7%</td><td>1.1%</td></tr><tr><td>Expected life (years)</td><td>3.9</td><td>5.5</td><td>6.5</td></tr></table>
<table><tr><td></td><td colspan="6">September 30,</td></tr><tr><td></td><td colspan="2">2018</td><td colspan="2">2017</td><td colspan="2">2016</td></tr><tr><td>$ in thousands</td><td>Balance%</td><td></td><td>Balance%</td><td></td><td>Balance</td><td>%</td></tr><tr><td>Loans held for investment:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>C&I loans</td><td>$7,785,237</td><td>40%</td><td>$7,385,910</td><td>43%</td><td>$7,470,373</td><td>48%</td></tr><tr><td>CRE construction loans</td><td>150,825</td><td>1%</td><td>112,681</td><td>1%</td><td>122,718</td><td>1%</td></tr><tr><td>CRE loans</td><td>3,624,407</td><td>18%</td><td>3,106,290</td><td>18%</td><td>2,554,071</td><td>17%</td></tr><tr><td>Tax-exempt loans</td><td>1,227,112</td><td>6%</td><td>1,017,791</td><td>6%</td><td>740,944</td><td>5%</td></tr><tr><td>Residential mortgage loans</td><td>3,756,609</td><td>19%</td><td>3,148,730</td><td>18%</td><td>2,441,569</td><td>16%</td></tr><tr><td>SBL</td><td>3,033,390</td><td>15%</td><td>2,386,697</td><td>14%</td><td>1,904,827</td><td>12%</td></tr><tr><td>Total loans held for investment</td><td>19,577,580</td><td></td><td>17,158,099</td><td></td><td>15,234,502</td><td></td></tr><tr><td>Net unearned income and deferred expenses</td><td>-20,656</td><td></td><td>-31,178</td><td></td><td>-40,675</td><td></td></tr><tr><td>Total loans held for investment, net</td><td>19,556,924</td><td></td><td>17,126,921</td><td></td><td>15,193,827</td><td></td></tr><tr><td>Loans held for sale, net</td><td>163,926</td><td>1%</td><td>70,316</td><td>—</td><td>214,286</td><td>1%</td></tr><tr><td>Total loans held for sale and investment</td><td>19,720,850</td><td>100%</td><td>17,197,237</td><td>100%</td><td>15,408,113</td><td>100%</td></tr><tr><td>Allowance for loan losses</td><td>-202,750</td><td></td><td>-190,442</td><td></td><td>-197,378</td><td></td></tr><tr><td>Bank loans, net</td><td>$19,518,100</td><td></td><td>$17,006,795</td><td></td><td>$15,210,735</td><td></td></tr></table>
<table><tr><td></td><td colspan="4">September 30,</td></tr><tr><td></td><td colspan="2">2015</td><td colspan="2">2014</td></tr><tr><td>$ in thousands</td><td>Balance%</td><td></td><td>Balance</td><td>%</td></tr><tr><td>Loans held for investment:</td><td></td><td></td><td></td><td></td></tr><tr><td>C&I loans</td><td>$6,928,018</td><td>52%</td><td>$6,422,347</td><td>58%</td></tr><tr><td>CRE construction loans</td><td>162,356</td><td>1%</td><td>94,195</td><td>1%</td></tr><tr><td>CRE loans</td><td>2,054,154</td><td>16%</td><td>1,689,163</td><td>15%</td></tr><tr><td>Tax-exempt loans</td><td>484,537</td><td>4%</td><td>122,218</td><td>1%</td></tr><tr><td>Residential mortgage loans</td><td>1,962,614</td><td>15%</td><td>1,751,747</td><td>16%</td></tr><tr><td>SBL</td><td>1,481,504</td><td>11%</td><td>1,023,748</td><td>9%</td></tr><tr><td>Total loans held for investment</td><td>13,073,183</td><td></td><td>11,103,418</td><td></td></tr><tr><td>Net unearned income and deferred expenses</td><td>-32,424</td><td></td><td>-37,533</td><td></td></tr><tr><td>Total loans held for investment, net</td><td>13,040,759</td><td></td><td>11,065,885</td><td></td></tr><tr><td>Loans held for sale, net</td><td>119,519</td><td>1%</td><td>45,988</td><td>—</td></tr><tr><td>Total loans held for sale and investment</td><td>13,160,278</td><td>100%</td><td>11,111,873</td><td>100%</td></tr><tr><td>Allowance for loan losses</td><td>-172,257</td><td></td><td>-147,574</td><td></td></tr><tr><td>Bank loans, net</td><td>$12,988,021</td><td></td><td>$10,964,299</td><td></td></tr></table>

Question: what is the percent change in weighted-average estimated fair value of employee stock options between 2007 and 2008?
Answer: -0.41681
Reasoning program: subtract(3.47,5.95), divide(#0,5.95)