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3As of April 30, 1994, the Orange County Investment Portfolio was valued at $7.5 billion. The modified duration of the portfolio is around 7.4 years.

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3As of April 30, 1994, the Orange County Investment Portfolio was valued at $7.5 billion. The modified duration of the portfolio is around 7.4 years. Toward the end of 1994, the market interest rates rose by about 3%. Estimate the amount of loss of this portfolio

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