A BBB corporate bond portfolio has maturity of Eight years and semiannual. yield to maturity is Five percentage, coupon rate is Eight percentage. The portfolio includes one million bonds.

1.What's the face value of the portfolio.

2.What's the market value of the portfolio.

3.What's the modified and effective duration of the portfolio.

4.If the T-bond futures contract is $98 and whose duration is Four. In order to decrease the portfolio duration to 0, how many contracts needed? Long or short?