products.
Credit Portfolio revenue was  $1.3 billion, up 19%, primarily due to higher revenue from risk management activities, partially offset by lower gains from loan sales and workouts.
The Provision for credit losses was $654 million, an increase of $463 millio n from the prior year.
The change was due to a net increase of $532 million in the Allowance for credit losses, primarily due to portfolio activity, which included the effect of the weakening credit environment, and an increase in allowance for unfunded leveraged lending commitments, as well as portfolio growth.
In addition, there were $36 million of net charge-offs in the current year, compared with $31 million of net recov- eries in the prior year.
The Allowance for loan losses to average loans was 2.14% for 2007, compared with a ratio of 1.79% in the prior year.
Noninterest expense was $13.1 billion, up $214 million, or 2%, from the prior year.
Return on equity was 15% on $21.0 billion of allocated capital compared with 18% on $20.8 billion in 2006.2006 compared with 2005 Net income of $3.7 billion was flat, as record revenue of $18.8 billion was  offset  largely  by higher compensation expense, including the impact of SFAS 123R, and Provision for credit losses compared with a benefit in the prior year .
Total net revenue of $18.8 billion was up $3.7 billion, or 25%, from the prior year.
Investment banking fees of $5.5 billion were a record, up 35% from the prior year, driven by record debt and equity under- writing as well as strong advisory fees, which were the highest since 2000.
Advisory fees of $1.7 billion were up 31% over the prior year driven primarily by strong performance in the Americas.
Debt under- writing fees of $2.7 billion were up 37% from the prior year driven by record performance in both loan syndications and bond underwrit- ing.
Equity underwriting fees of $1.2 billion were up 36% from the prior year driven by global equity markets.
Fixed Income Markets rev- enue of $8.7 billion was also a record, up 15% from the prior year driven by strength in credit markets, emerging markets and currencies.
Record Equity Markets revenue of $3.5 billion increased 73%, and was driven by strength in cash equities and equity derivatives.
Credit Portfolio revenue of $1.1 billion was down 24%, primarily reflecting lower gains from loan workouts.
Provision for credit losses was $191 million compared with a benefit of $838 million in the prior year.
The 2006 provision reflects portfolio activity; credit quality remained stable.
The prior-year benefit reflected strong credit quality, a decline in criticized and nonperforming loans and a higher level of recoveries.
Total noninterest expense of $12.9 billion was up $2.6 billion, or 26%, from the prior year.
This increase was due primarily to higher performance-based compensation, including the impact of an increase in the ratio of compensation expense to total net revenue, as well as the incremental expense related to SFAS 123R.
Return on equity was 18% on $20.8 billion of allocated capital com- pared with 18% on $20.0 billion in 2005
## Table 0 ##
(a) As a result of the adoption of SFAS 159 in the first quarter of 2007, $11.7 billion of loans were reclassified to trading assets.
Loans held-for-sale and loans at fair value were excluded when calculating the allowance coverage ratio and net charge-off (recovery) rate.
(b) Loans retained included credit portfolio loans, leveraged leases and other accrual loans, and excluded loans at fair value.
(c) Adjusted assets, a non-GAAP financial measure, equals Total assets minus (1) Securities purchased under resale agreements and Securities borrowed less Securities sold, not yet purchased; (2) assets of variable interest entities (“VIEs”) consolidated under FIN 46R; (3) cash and securities segregated and on deposit for regulatory and other purposes; and (4) goodwill and intangibles.
The amount of adjusted assets is presented to assist the reader in comparing IB’s asset and capital levels to other investment banks in the securities industry.
Asset-to-equity leverage ratios are commonly used as one measure to assess a company’s capital adequacy.
IB believes an adjusted asset amount that excludes the assets discussed above, which were considered to have a low risk profile, provide a more meaningful measure of balance sheet leverage in the securities industry
Trading assets and liabilities Trading assets include debt and equity instruments held for trading purposes that JPMorgan Chase owns (“long” positions), certain loans managed on a fair value basis and for which the Firm has elected the fair value option, and physical commodities inventories that are generally accounted for at the lower of cost or fair value.
Trading liabilities include debt and equity instruments that the Firm has sold to other parties but does not own (“short” positions).
The Firm is obligated to purchase instruments at a future date to cover the short positions.
Included in trading assets and trading liabilities are the reported receivables (unrealized gains) and payables (unrealized losses) related to derivatives.
Trading assets and liabilities are carried at fair value on the Consolidated Balance Sheets.
Balances reflect the reduction of securities owned (long positions) by the amount of securities sold but not yet purchased (short positions) when the long and short positions have identical Committee on Uniform Security Identification Procedures (“CUSIPs”).
Trading assets and liabilities–average balances Average trading assets and liabilities were as follows for the periods indicated.
## Table 1 ##
(a) Balances reflect the reduction of securities owned (long positions) by the amount of securities sold, but not yet purchased (short positions) when the long and short positions have identical CUSIPs.
(b) Primarily represent securities sold, not yet purchased.
Note 4 – Fair value option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value.
Elections Elections were made by the Firm to: ?
Mitigate income statement volatility caused by the differences in the measurement basis of elected instruments (for example, certain instruments elected were previously accounted for on an accrual basis) while the associated risk management arrangements are accounted for on a fair value basis; ?
Eliminate the complexities of applying certain accounting models (e. g. , hedge accounting or bifurcation accounting for hybrid instruments); and ?
Better reflect those instruments that are managed on a fair value basis.
Elections include the following: ?
Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis.  ?
Securities financing arrangements with an embedded derivative and/or a maturity of greater than one year.  ?
Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument.  ?
Certain tax credits and other equity investments acquired as part of the Washington Mutual transaction.  ?
Structured notes issued as part of IB’s client-driven activities.
(Structured notes are financial instruments that contain embedded derivatives. )
?
Long-term beneficial interests issued by IB’s consolidated securitization trusts where the underlying assets are carried at fair value.
The following table summarizes the change in the mortgage repurchase liability for each of the periods presented.
Summary of changes in mortgage repurchase liability(a)
## Table 2 ##
(a) All mortgage repurchase demands associated with private-label securitizations are separately evaluated by the Firm in establishing its litigation reserves.
(b) Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants, and certain related expense.
Make-whole settlements were $524 million, $640 million and $632 million, for the years ended December 31, 2012, 2011 and 2010, respectively.
(c) Includes $112 million, $52 million and $47 million of provision related to new loan sales for the years ended December 31, 2012, 2011 and 2010, respectively.
The following table summarizes the unpaid principal balance of certain repurchases during the periods indicated.
Unpaid principal balance of mortgage loan repurchases(a)
## Table 3 ##
(a) This table includes: (i) repurchases of mortgage loans due to breaches of representations and warranties, and (ii) loans repurchased from Ginnie Mae loan pools as described in (b) below.
This table does not include mortgage insurance rescissions; while the rescission of mortgage insurance typically results in a repurchase demand from the GSEs, the mortgage insurers themselves do not present repurchase demands to the Firm.
This table also excludes mortgage loan repurchases associated with repurchase demands asserted in or in connection with pending litigation.
(b) In substantially all cases, these repurchases represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Ginnie Mae guidelines (i. e. , they do not result from repurchase demands due to breaches of representations and warranties).
The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, the Federal Housing Administration (“FHA”), Rural Housing Services (“RHS”) and/or the U. S.  Department of Veterans Affairs (“VA”).
(c) Nonaccrual loans held-for-investment included $465 million, $477 million and $354 million at December 31, 2012, 2011 and 2010, respectively, of loans repurchased as a result of breaches of representations and warranties.
(d) Represents loans repurchased from parties other than the GSEs, excluding those repurchased in connection with pending repurchase litigation.
For additional information regarding the mortgage repurchase liability, see Note 29 on pages 308–315 of this Annual Report.
The Firm also faces a variety of exposures resulting from repurchase demands and litigation arising out of its various roles as issuer and/or sponsor of mortgage-backed securities (“MBS”) offerings in private-label securitizations.
For further information, see Note 31 on pages 316–325 of this Annual Report.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Year ended December 31,(inmillions, except headcount)</td><td> 2007</td><td></td><td>2006</td><td></td><td>2005</td><td></td></tr><tr><td> Revenue by region</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Americas</td><td>$8,165</td><td> </td><td>$9,601</td><td></td><td>$8,462</td><td></td></tr><tr><td>Europe/Middle East/Africa</td><td>7,301</td><td> </td><td>7,421</td><td></td><td>4,871</td><td></td></tr><tr><td>Asia/Pacific</td><td>2,704</td><td> </td><td>1,811</td><td></td><td>1,777</td><td></td></tr><tr><td> Total net revenue</td><td>$18,170</td><td> </td><td>$18,833</td><td></td><td>$15,110</td><td></td></tr><tr><td> Selected average balances</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$700,565</td><td> </td><td>$647,569</td><td></td><td>$599,761</td><td></td></tr><tr><td>Trading assets–debt and equity instruments<sup>(a)</sup></td><td>359,775</td><td> </td><td>275,077</td><td></td><td>231,303</td><td></td></tr><tr><td>Trading assets–derivative receivables</td><td>63,198</td><td> </td><td>54,541</td><td></td><td>55,239</td><td></td></tr><tr><td>Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans retained<sup>(b)</sup></td><td>62,247</td><td> </td><td>58,846</td><td></td><td>44,813</td><td></td></tr><tr><td>Loans held-for-sale and loans at fair value<sup>(a)</sup></td><td>17,723</td><td> </td><td>21,745</td><td></td><td>11,755</td><td></td></tr><tr><td> Total loans</td><td>79,970</td><td> </td><td>80,591</td><td></td><td>56,568</td><td></td></tr><tr><td>Adjusted assets<sup>(c)</sup></td><td>611,749</td><td> </td><td>527,753</td><td></td><td>456,920</td><td></td></tr><tr><td>Equity</td><td>21,000</td><td> </td><td>20,753</td><td></td><td>20,000</td><td></td></tr><tr><td> Headcount</td><td>25,543</td><td> #</td><td>23,729</td><td>#</td><td>19,802</td><td>#</td></tr></table>
<table><tr><td>Year ended December 31, (in millions)</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Trading assets – debt and equity instruments<sup>(a)</sup></td><td>$354,441</td><td>$318,063</td><td>$384,102</td></tr><tr><td>Trading assets – derivative receivables</td><td>84,676</td><td>110,457</td><td>121,417</td></tr><tr><td>Trading liabilities – debt and equity instruments<sup>(a)(b)</sup></td><td>78,159</td><td>60,224</td><td>78,841</td></tr><tr><td>Trading liabilities – derivative payables</td><td>65,714</td><td>77,901</td><td>93,200</td></tr></table>
<table><tr><td>Year ended December 31,(in millions)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Repurchase liability at beginning of period</td><td>$3,557</td><td>$3,285</td><td>$1,705</td></tr><tr><td>Realized losses<sup>(b)</sup></td><td>-1,158</td><td>-1,263</td><td>-1,423</td></tr><tr><td>Provision for repurchase losses<sup>(c)</sup></td><td>412</td><td>1,535</td><td>3,003</td></tr><tr><td>Repurchase liability at end of period</td><td>$2,811</td><td>$3,557</td><td>3,285</td></tr></table>
<table><tr><td>Year ended December 31,(in millions)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Ginnie Mae<sup>(b)</sup></td><td>$5,539</td><td>$5,981</td><td>$8,717</td></tr><tr><td>GSEs<sup>(c)</sup></td><td>1,204</td><td>1,208</td><td>1,498</td></tr><tr><td>Other<sup>(c)(d)</sup></td><td>209</td><td>126</td><td>275</td></tr><tr><td>Total</td><td>$6,952</td><td>$7,315</td><td>$10,490</td></tr></table>

Question: What will Asia/Pacific reach in 2008 if it continues to grow at its current rate? (in million)
Answer: 4037.34
Reasoning program: subtract(2704,1811), divide(#0,1811), add(const_1,#1), multiply(2704,#2)