Damage Calculation

I’m a little bit confused regarding the effect of ramming pulverizer -34% defense, shouldn’t it result in:
(1/(1-0.34)^1.35 = 1.752x damage or 75% increase?

After some discussion in Anzgogh thread, I collect small data while farming. I compare Scarlett 4/50 skill damage against boss of S1:5-4 (the left one) with or without -34 def down:

# Normal 34% def debuff
Average 748 1085
1 742 1115
2 754 1054
3 1086

Actual increase = 45%
It’s closer to calculation without exponents which have 52% increase

I know that the sample size is too small, but it seems some other have also experienced that: