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A bond portfolio has a modified duration of 6.9 years. If interest rates are expected to go down by 16 basis points across the board,
A bond portfolio has a modified duration of 6.9 years. If interest rates are expected to go down by 16 basis points across the board, how much do you expect the market price of this bond portfolio to go up (in dollar amount terms)? Suppose the portfolios current market value is $190 million. Round your calculations to the nearest 0.01, i.e., two decimal places. And, give your answer in millions
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