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5. You manage a $10 million bond portfolio and would like to reduce the portfolio duration from 8 to 6. The price of a T-bond

5. You manage a $10 million bond portfolio and would like to reduce the portfolio duration from 8 to 6. The price of a T-bond futures contract is $111,00 and the duration of the T-Bond is 12.0. What futures position achieves the target duration?

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