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A fixed-income portfolio manager sets a minimum acceptable rate of return on the bond portfolio at 5.7% per year over the next 5 years. The

A fixed-income portfolio manager sets a minimum acceptable rate of return on the bond portfolio at 5.7% per year over the next 5 years. The portfolio is currently worth $10 million. One year later interest rates are at 6.7%. What is the portfolio value trigger point at this time that would require the manager to immunize the portfolio?

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