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A bond fund manages a bond portfolio with current market value of $750 million and a weighted average (regular) duration of 13.5. If the market

A bond fund manages a bond portfolio with current market value of $750 million and a weighted average (regular) duration of 13.5. If the market interest rate, currently at 6% is expected to rise by 50 basis points (0.5%) over the next 6 months, what is the expected change in the portfolio's market value? [Hint: first compute the modified duration]

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