## Table 0 ##
(1) Regulatory capital metrics at December 31, 2017 reflect Basel 3 transition provisions for regulatory capital adjustments and deductions, which were fully phased-in as of January 1, 2018.
(2) The December 31, 2018 and 2017 amounts include a transition capital conservation buffer of 1.875 percent and 1.25 percent and a transition global systemically important bank surcharge of 1.875 percent and 1.5 percent.
The countercyclical capital buffer for both periods is zero.
(3) Percent required to meet guidelines to be considered “well capitalized” under the PCA framework.
(4) Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(5) Reflects adjusted average total assets for the three months ended December 31, 2018 and 2017.
The capital adequacy rules issued by the U. S.  banking regulators require institutions to meet the established minimums outlined in the table above.
Failure to meet the minimum requirements can lead to certain mandatory and discretionary actions by regulators that could have a material adverse impact on the Corporation’s financial position.
At December 31, 2018 and 2017, the Corporation and its banking entity affiliates were “well capitalized.
” Other Regulatory Matters The Federal Reserve requires the Corporation’s bank subsidiaries to maintain reserve requirements based on a percentage of certain deposit liabilities.
The average daily reserve balance requirements, in excess of vault cash, maintained by the Corporation with the Federal Reserve Bank were $11.4 billion and $8.9 billion for 2018 and 2017.
At December 31, 2018 and 2017, the Corporation had cash and cash equivalents in the amount of $5.8 billion and $4.1 billion, and securities with a fair value of $16.6 billion and $17.3 billion that were segregated in compliance with securities regulations.
Cash held on deposit with the Federal Reserve Bank to meet reserve requirements and cash and cash equivalents segregated in compliance with securities regulations are components of restricted cash.
For additional information, see Note 10 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash.
In addition, at December 31, 2018 and 2017, the Corporation had cash deposited with clearing organizations of $8.1 billion and $11.9 billion primarily recorded in other assets on the Consolidated Balance Sheet.
Bank Subsidiary Distributions The primary sources of funds for cash distributions by the Corporation to its shareholders are capital distributions received from its bank subsidiaries, BANA and Bank of America California, N. A.
In 2018, the Corporation received dividends of $26.1 billion from BANA and $320 million from Bank of America California, N. A.
In addition, Bank of America California, N. A.  returned capital of $1.4 billion to the Corporation in 2018.
The amount of dividends that a subsidiary bank may declare in a calendar year without OCC approval is the subsidiary bank’s net profits for that year combined with its retained net profits for the preceding two years.
Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period.
In 2019, BANA can declare and pay dividends of approximately $3.1 billion to the Corporation plus an additional amount equal to its retained net profits for 2019 up to the date of any such dividend declaration.
Bank of America California, N. A.  can pay dividends of $40 million in 2019 plus an additional amount equal to its retained net profits for 2019 up to the date of any such dividend declaration.
Investment Management Fees Investment management fees are generally calculated under contractual arrangements with our SIPs and the products for which we provide sub-advisory services as a percentage of the market value of AUM.
Annual rates vary by investment objective and type of services provided.
Rates for products sold outside of the U. S.  are generally higher than for U. S.  products because they are structured to compensate for certain distribution costs.
Investment management fees decreased $856.1 million in fiscal year 2016 primarily due to a 14% decrease in average AUM and the impact of a lower effective fee rate.
Investment management fees decreased $237.9 million in fiscal year 2015 primarily due to a 2% decrease in average AUM and the impact of a lower effective fee rate.
The decrease in average AUM in fiscal year 2016 occurred in all sales regions and primarily in the global/international and hybrid investment objectives.
The decrease in average AUM in fiscal year 2015 primarily occurred in the international sales regions and in the global/ international investment objectives, partially offset by slight increases in the other investment objectives.
Our effective investment management fee rate (investment management fees divided by average AUM) was 59.7, 61.3 and 62.7 basis points for fiscal years 2016, 2015 and 2014.
The rate decrease in fiscal year 2016 was primarily due to higher weightings of AUM in U. S.  products and in lower fee products in the global/international investment objectives in the Europe, Middle East and Africa and Asia-Pacific sales regions, partially offset by higher performance fees.
The rate decrease in fiscal year 2015 was primarily due to higher weightings of AUM in U. S.  products and in lower fee products in the global/international investment objectives in the Europe, Middle East and Africa sales region, as well as lower performance fees.
Performance-based investment management fees were $26.5 million, $19.8 million and $50.9 million for fiscal years 2016, 2015 and 2014.
The higher fees in fiscal year 2014 were primarily related to fund of hedge funds products.
U. S.  industry asset-weighted average management fee rates were as follows1 :
## Table 1 ##
1 U. S.  industry asset-weighted average management fee rates were calculated using information available from Lipper, a Thomson Reuters Company, as of September 30, 2016, 2015 and 2014 and include all U. S. -registered open-end funds that reported expense data to Lipper as of the funds’most recent annual report date, and for which expenses were equal to or greater than zero.
As defined by Lipper, management fees include fees from providing advisory and fund administration services.
The averages combine retail and institutional funds data and include all share classes and distribution channels, without exception.
Variable annuity and fund of fund products are not included.2 The decreases in the average rate in fiscal years 2016 and 2015 reflect lower weightings of two large higher fee funds and higher weightings of a large low fee fund.
Our actual effective investment management fee rates are generally higher than the U. S.  industry average rates as we actively manage our products and have a higher level of international AUM, both of which generate higher fees.
Changes to our effective investment management fee rates in the U. S.  have not varied significantly from changes in industry rates.
Our product offerings and global operations are diverse.
As such, the impact of future changes in the market value of AUM on investment management fees will be affected by the relative mix of investment objective, geographic region, distribution channel and investment vehicle of the assets.
Greensboro, we have two office buildings (leased), a six-inch wafer production facility (owned), a R&D and prototyping facility (leased) and other leased office space.
In Greensboro, we also have a previously idled production facility (leased) that has been reconfigured to perform certain manufacturing operations.
In Hillsboro, we have a single facility (owned) that includes office space and a wafer fabrication facility.
We also have wafer fabrication facilities in Richardson, Texas (owned), Apopka, Florida (owned) and Bend, Oregon (leased).
In the first quarter of fiscal 2017, we acquired an additional wafer fabrication facility in Farmers Branch, Texas, which we currently plan to use to expand our BAW filter capacity.
We have assembly and test facilities located in Beijing, China (the building is owned and we hold a land-use right for the land), where we assemble and test modules.
During fiscal 2016, we brought a new assembly and test facility in Dezhou, China on-line (the equipment is owned and we lease the land and building).
We operate a filter assembly and test facility in San Jose, Costa Rica (owned).
In Broomfield, Colorado (leased), Brooksville, Florida (owned), Richardson, Texas (owned), and the Philippines (leased), we have assembly and test sites for highly customized modules and products, including modules and products that support our aerospace and defense business.
We also have a facility capable of supporting a variety of packaging and test technologies in Nuremberg, Germany (leased).
We lease space for our design centers in Chandler, Arizona; Newberry Park, San Jose, Torrance, California; Broomfield, Colorado; Hiawatha, Iowa; Chelmsford, Massachusetts; High Point, North Carolina; Tokyo, Japan; Shanghai, China; Utrecht, The Netherlands; Zele, Belgium; Munich, Germany; N?rresundby, Denmark; and Colomiers, France.
In addition, we lease space for sales and customer support centers in Beijing, Shanghai, and Shenzhen, China; Hong Kong; Reading, England; Bangalore, India; Tokyo, Japan; Seoul, South Korea; Singapore; and Taipei, Taiwan.
We believe our properties have been well-maintained, are in sound operating condition and contain all equipment and facilities necessary to operate at present levels.
We believe all of our facilities are suitable and adequate for our present purposes.
We do not identify or allocate assets by operating segment.
For information on net property, plant and equipment by country, see Note 15 of the Notes to the Consolidated Financial Statements in Part II, Item 8 of this report.
ITEM 3.
LEGAL PROCEEDINGS.
See the information under the heading “Legal Matters” in Note 9 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report.
ITEM 4.
MINE SAFETY DISCLOSURES.
Not Applicable.
PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Our common stock is traded on the NASDAQ Global Select Market under the symbol “QRVO.
” The table below shows the high and low sales prices of our common stock from the date of the Business Combination through the end of our fiscal year, as reported by The NASDAQ Stock Market LLC.
As of May 13, 2016, there were 799 holders of record of our common stock.
This number does not include the beneficial owners of unexchanged stock certificates related to the Business Combination or the additional beneficial owners of our common stock who held their shares in street name as of that date.
## Table 2 ##
We have never declared or paid cash dividends on our common stock.
Although we currently intend to retain our earnings for use in our business, our future dividend policy with respect to our common stock may change and will depend on our earnings, capital requirements, debt covenants and other factors deemed relevant by our Board of Directors.
PREFERRED STOCK PURCHASE RIGHTS Each outstanding share of common stock has one half of a share purchase right.
Each purchase right may be exercised to purchase one two-hundredth of a share of Series A Junior Participating Preferred Stock at an exercise price of $220.00, subject to adjustment.
The rights, which do not have voting rights, expire on March 10, 2016, and may be redeemed by the Company at a price of $0.01 per right at any time prior to the tenth day following the public announcement that a person has acquired beneficial ownership of 15% or more of the outstanding shares of common stock.
In the event that the Company is acquired in a merger or other business combination transaction, provision shall be made so that each holder of a right (other than a holder who is a 14.9%-or-more shareowner) shall have the right to receive, upon exercise thereof, that number of shares of common stock of the surviving Company having a market value equal to two times the exercise price of the right.
Similarly, if anyone becomes the beneficial owner of more than 15% of the then outstanding shares of common stock (except pursuant to an offer for all outstanding shares of common stock which the independent directors have deemed to be fair and in the best interest of the Company), provision will be made so that each holder of a right (other than a holder who is a 14.9%-or-more shareowner) shall thereafter have the right to receive, upon exercise thereof, common stock (or, in certain circumstances, cash, property or other securities of the Company) having a market value equal to two times the exercise price of the right.
At December 29, 2007 there were 40,189,394 outstanding rights.
There are 250,000 shares of Series A Junior Participating Preferred Stock reserved for issuance in connection with the rights.
STOCK-BASED COMPENSATION PLANS The Company has stockbased compensation plans for salaried employees and non-employee members of the Board of Directors.
The plans provide for discretionary grants of stock options, restricted stock units, and other stock-based awards.
The plans are generally administered by the Compensation and Organization Committee of the Board of Directors, consisting of non-employee directors.
Stock Options Stock options are granted at the fair market value of the Company’s stock on the date of grant and have a 10 year term.
Generally, stock option grants vest ratably between one and four years from the date of grant.
The expense for stock options granted to retirement eligible employees (those aged 55 and over and with 10 or more years of service) is recognized by the date they became retirement eligible, or on the date of grant if they are already retirement eligible, as such employees may retain their options for the 10 year contractual term in the event they retire prior to the end of the vesting period stipulated in the grant.
The following describes how certain assumptions affecting the estimated fair value of stock options are determined: the dividend yield is computed as the annualized dividend rate at the date of grant divided by the strike price of the stock option; expected volatility is based on an average of the market implied volatility and historical volatility for the 5 year expected life; the risk-free interest rate is based on U. S.  Treasury securities with maturities equal to the expected life of the option; and an eight percent forfeiture rate is assumed.
The Company uses historical data in order to estimate exercise, termination and holding period behavior for valuation purposes.
The number of stock options and weighted-average exercise prices follows:
## Table 3 ##
At December 29, 2007, the range of exercise prices on outstanding stock options was $19.34 to $63.04.
Stock option expense was $8.6 million and $8.2 million for the years ended December 29, 2007 and December 30, 2006, respectively.
No stock option expense was recognized in the year ended December 31, 2005 because under APB 25, no compensation cost was recognized for stock options when the quoted market price of the stock at the grant date was equal to the amount per share the employee had to pay to acquire the stock after fulfilling the vesting period.
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in 2007, 2006 and 2005, respectively: dividend yield of 2.4%, 2.4% and 2.4%; expected volatility of 28%, 26%, 27%; and risk-free interest rates of 3.6%, 4.2%, 4.4%.
An expected life of 5 years was used in each period and a weighted average vesting period of 2.5 years in 2007, 2.3 years in 2006 and 2.5 years in 2005.
The weighted average fair value of stock options granted in 2007, 2006 and 2005 was $12.15, $12.03, and $11.44, respectively.
At December 29, 2007, the Company had $15.6 million of unrecognized pretax compensation expense for stock options.
This expense will be recognized over the remaining vesting periods which are 1.6 years on a weighted average basis.
For 2007, the Company received $65.7 million in cash from the exercise of stock options.
The related tax benefit from the exercise of these options is $16.5 million.
During 2007, 2006 and 2005 the total intrinsic value of options exercised was $37.9 million, $35.5 million and $23.3 million, respectively.
When options are exercised, the related shares are issued from treasury stock.
SFAS 123R requires the benefit arising from tax deductions in excess of recognized compensation cost to be classified as a financing cash flow rather than as an operating cash flow as all such tax benefits were classified under earlier accounting guidance.
To quantify the recognized compensation cost on which the excess tax benefit is computed, both actual compensation expense recorded following the adoption of SFAS 123R on

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Bank of America Corporation</td><td colspan="3">Bank of America, N.A.</td></tr><tr><td></td><td>Standardized Approach</td><td>Advanced Approaches</td><td>Regulatory Minimum<sup>-2</sup></td><td>Standardized Approach</td><td>Advanced Approaches</td><td>Regulatory Minimum<sup>-3</sup></td></tr><tr><td>(Dollars in millions, except as noted)</td><td colspan="6">December 31, 2018</td></tr><tr><td>Risk-based capital metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common equity tier 1 capital</td><td>$167,272</td><td>$167,272</td><td></td><td>$149,824</td><td>$149,824</td><td></td></tr><tr><td>Tier 1 capital</td><td>189,038</td><td>189,038</td><td></td><td>149,824</td><td>149,824</td><td></td></tr><tr><td>Total capital<sup>-4</sup></td><td>221,304</td><td>212,878</td><td></td><td>161,760</td><td>153,627</td><td></td></tr><tr><td>Risk-weighted assets (in billions)</td><td>1,437</td><td>1,409</td><td></td><td>1,195</td><td>959</td><td></td></tr><tr><td>Common equity tier 1 capital ratio</td><td>11.6%</td><td>11.9%</td><td>8.25%</td><td>12.5%</td><td>15.6%</td><td>6.5%</td></tr><tr><td>Tier 1 capital ratio</td><td>13.2</td><td>13.4</td><td>9.75</td><td>12.5</td><td>15.6</td><td>8.0</td></tr><tr><td>Total capital ratio</td><td>15.4</td><td>15.1</td><td>11.75</td><td>13.5</td><td>16.0</td><td>10.0</td></tr><tr><td>Leverage-based metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted quarterly average assets (in billions)<sup>(5)</sup></td><td>$2,258</td><td>$2,258</td><td></td><td>$1,719</td><td>$1,719</td><td></td></tr><tr><td>Tier 1 leverage ratio</td><td>8.4%</td><td>8.4%</td><td>4.0</td><td>8.7%</td><td>8.7%</td><td>5.0</td></tr><tr><td>SLR leverage exposure (in billions)</td><td></td><td>$2,791</td><td></td><td></td><td>$2,112</td><td></td></tr><tr><td>SLR</td><td></td><td>6.8%</td><td>5.0</td><td></td><td>7.1%</td><td>6.0</td></tr><tr><td></td><td colspan="6">December 31, 2017</td></tr><tr><td>Risk-based capital metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common equity tier 1 capital</td><td>$171,063</td><td>$171,063</td><td></td><td>$150,552</td><td>$150,552</td><td></td></tr><tr><td>Tier 1 capital</td><td>191,496</td><td>191,496</td><td></td><td>150,552</td><td>150,552</td><td></td></tr><tr><td>Total capital<sup>-4</sup></td><td>227,427</td><td>218,529</td><td></td><td>163,243</td><td>154,675</td><td></td></tr><tr><td>Risk-weighted assets (in billions)</td><td>1,434</td><td>1,449</td><td></td><td>1,201</td><td>1,007</td><td></td></tr><tr><td>Common equity tier 1 capital ratio</td><td>11.9%</td><td>11.8%</td><td>7.25%</td><td>12.5%</td><td>14.9%</td><td>6.5%</td></tr><tr><td>Tier 1 capital ratio</td><td>13.4</td><td>13.2</td><td>8.75</td><td>12.5</td><td>14.9</td><td>8.0</td></tr><tr><td>Total capital ratio</td><td>15.9</td><td>15.1</td><td>10.75</td><td>13.6</td><td>15.4</td><td>10.0</td></tr><tr><td>Leverage-based metrics:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted quarterly average assets (in billions)<sup>(5)</sup></td><td>$2,224</td><td>$2,224</td><td></td><td>$1,672</td><td>$1,672</td><td></td></tr><tr><td>Tier 1 leverage ratio</td><td>8.6%</td><td>8.6%</td><td>4.0</td><td>9.0%</td><td>9.0%</td><td>5.0</td></tr></table>
<table><tr><td>(in basis points)</td><td colspan="3">Industry Average</td></tr><tr><td>for the fiscal years ended September 30,</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Equity</td><td></td><td></td><td></td></tr><tr><td>Global/international</td><td>53</td><td>55</td><td>58</td></tr><tr><td>United States</td><td>37</td><td>39</td><td>41</td></tr><tr><td>Hybrid</td><td>50</td><td>52</td><td>53</td></tr><tr><td>Fixed Income</td><td></td><td></td><td></td></tr><tr><td>Tax-free</td><td>35</td><td>35</td><td>35</td></tr><tr><td>Taxable</td><td></td><td></td><td></td></tr><tr><td>Global/international<sup>2</sup></td><td>43</td><td>46</td><td>55</td></tr><tr><td>United States</td><td>33</td><td>35</td><td>37</td></tr><tr><td>Cash Management</td><td>10</td><td>9</td><td>11</td></tr></table>
<table><tr><td></td><td>High</td><td>Low</td></tr><tr><td>Fiscal Year Ended April 2, 2016</td><td></td><td></td></tr><tr><td>First Quarter</td><td>$88.35</td><td>$65.44</td></tr><tr><td>Second Quarter</td><td>82.25</td><td>42.24</td></tr><tr><td>Third Quarter</td><td>60.00</td><td>42.67</td></tr><tr><td>Fourth Quarter</td><td>51.95</td><td>33.30</td></tr><tr><td>Fiscal Year Ended March 28, 2015</td><td>High</td><td>Low</td></tr><tr><td>Fourth Quarter</td><td>$85.63</td><td>$63.02</td></tr></table>
<table><tr><td></td><td colspan="2">2007</td><td colspan="2">2006</td><td colspan="2">2005</td></tr><tr><td></td><td>Options</td><td>Price</td><td>Options</td><td>Price</td><td>Options</td><td>Price</td></tr><tr><td>Outstanding, beginning of year</td><td>8,456,508</td><td>$36.31</td><td>9,559,604</td><td>$34.06</td><td>10,507,908</td><td>$32.46</td></tr><tr><td>Granted</td><td>743,000</td><td>53.11</td><td>934,000</td><td>50.44</td><td>795,000</td><td>47.22</td></tr><tr><td>Exercised</td><td>-1,820,355</td><td>36.10</td><td>-1,817,695</td><td>31.44</td><td>-1,229,350</td><td>28.89</td></tr><tr><td>Forfeited</td><td>-325,254</td><td>42.99</td><td>-219,401</td><td>37.71</td><td>-513,954</td><td>33.60</td></tr><tr><td>Outstanding, end of year</td><td>7,053,899</td><td>$37.83</td><td>8,456,508</td><td>$36.31</td><td>9,559,604</td><td>$34.06</td></tr><tr><td>Exercisable, end of year</td><td>5,114,357</td><td>$33.46</td><td>5,619,112</td><td>$32.88</td><td>6,259,563</td><td>$31.28</td></tr></table>

Question: What is the growing rate of Common equity tier 1 capital in the year with the most Standardized Approach?
Answer: -0.01405
Reasoning program: add(167272,149824), add(#0,167272), add(#1,149824), add(171063,171063), add(#3,150552), add(#4,150552), subtract(#2,#5), add(171063,171063), add(#7,150552), add(#8,150552), divide(#6,#9)