administrative fees , which increased $ 5.8 million to $ 353.9 million , are generally offset by related operating expenses that are incurred to provide services to the funds and their investors .
our largest expense , compensation and related costs , increased $ 18.4 million or 2.3% ( 2.3 % ) from 2007 .
this increase includes $ 37.2 million in salaries resulting from an 8.4% ( 8.4 % ) increase in our average staff count and an increase of our associates 2019 base salaries at the beginning of the year .
at december 31 , 2008 , we employed 5385 associates , up 6.0% ( 6.0 % ) from the end of 2007 , primarily to add capabilities and support increased volume-related activities and other growth over the past few years .
over the course of 2008 , we slowed the growth of our associate base from earlier plans and the prior year .
we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results .
the balance of the increase is attributable to higher employee benefits and employment-related expenses , including an increase of $ 5.7 million in stock-based compensation .
after higher spending during the first quarter of 2008 versus 2007 , investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending , which for the year was down $ 3.8 million from 2007 .
occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 .
we expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands .
other operating expenses were up $ 3.3 million from 2007 .
we increased our spending $ 9.8 million , primarily for professional fees and information and other third-party services .
reductions in travel and charitable contributions partially offset these increases .
our non-operating investment activity resulted in a net loss of $ 52.3 million in 2008 as compared to a net gain of $ 80.4 million in 2007 .
this change of $ 132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds , which resulted from declines in financial market values during the year. .

2007
2008
Change
Capital gain distributions received
$22.1
$5.6
$(16.5)
Other than temporary impairments recognized
(.3)
(91.3)
(91.0)
Net gains (losses) realized onfund dispositions
5.5
(4.5)
(10.0)
Net gain (loss) recognized on fund holdings
$27.3
$(90.2)
$(117.5)

we recognized other than temporary impairments of our investments in sponsored mutual funds because of declines in fair value below cost for an extended period .
the significant declines in fair value below cost that occurred in 2008 were generally attributable to adverse market conditions .
in addition , income from money market and bond fund holdings was $ 19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008 .
lower interest rates also led to substantial capital appreciation on our $ 40 million holding of u.s .
treasury notes that we sold in december 2008 at a $ 2.6 million gain .
the 2008 provision for income taxes as a percentage of pretax income is 38.4% ( 38.4 % ) , up from 37.7% ( 37.7 % ) in 2007 , primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007 .
c a p i t a l r e s o u r c e s a n d l i q u i d i t y .
during 2009 , stockholders 2019 equity increased from $ 2.5 billion to $ 2.9 billion .
we repurchased nearly 2.3 million common shares for $ 67 million in 2009 .
tangible book value is $ 2.2 billion at december 31 , 2009 , and our cash and cash equivalents and our mutual fund investment holdings total $ 1.4 billion .
given the availability of these financial resources , we do not maintain an available external source of liquidity .
on january 20 , 2010 , we purchased a 26% ( 26 % ) equity interest in uti asset management company and an affiliate for $ 142.4 million .
we funded the acquisition from our cash holdings .
in addition to the pending uti acquisition , we had outstanding commitments to fund other investments totaling $ 35.4 million at december 31 , 2009 .
we presently anticipate funding 2010 property and equipment expenditures of about $ 150 million from our cash balances and operating cash inflows .
22 t .
rowe price group annual report 2009 .

Question: Analyse this data from a financial earnings document. what percentage of tangible book value is made up of cash and cash equivalents and mutual fund investment holdings at december 31 , 2009?
Choices:
0.07
90.61818
1
30.45455
0.63636
Correct choice index: 4