A fixed-income portfolio manager sets a minimum acceptable rate of return on the bond portfolio at 5.1% per year over the next 5 years. The portfolio is currently worth $10 million. One year later interest rates are at 6.1%. What is the portfolio value trigger point at this time that would require the manager to immunize the portfolio?

Multiple Choice

• $12,823,707

• $10,119,337

• $9,537,546

• $10,510,000