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A manager is holding a $1 million bond portfolio with a modified duration of eight years. She would like to hedge the risk of the

A manager is holding a $1 million bond portfolio with a modified duration of eight years. She would like to hedge the risk of the portfolio by short-selling Treasury bonds. The modified duration of T-bonds is 10 years. How many dollars' worth of T-bonds should she sell to minimize the risk of her position?

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