A portfolio manager owns $5 million par value of bond ABC. The bond is trading at 70 and has a modified duration of 6 . The portfolio manager is considering swapping out of bond ABC and into bond XYZ. The price of this bond is 85 and it has a modified duration of 3.5. Answer the below questions. ( 20 points) (a) What is the dollar duration of bond ABC per 100-basis-point change in yield? =.06(.01)5,000,000=$3,000 (b) What is the dollar duration for the $5 million position of bond ABC ? (c) How much in market value of bond XYZ should be purchased so that the dollar duration of bond XYZ will be approximately the same as that for bond ABC ? (d) How much in par value of bond XYZ should be purchased so that the dollar duration of bond XYZ will be approximately the same as that for bond ABC