A fixed-income portfolio manager sets a minimum acceptable rate of return on the bond portfolio at 6.0% per year over the next 5 years. The portfolio is currently worth $10 million. One year later interest rates are at 7.0%. What is the portfolio value trigger point at this time that would require the manager to immunize the portfolio?

Multiple Choice

$13,382,256

$10,209,259

$9,541,363

$10,600,000