Assume semi-annual compounding and that the yield curve is flat at 6.5% pa. Consider a bullet portfolio that comprises a zero-coupon bond with a face value of $100 and a maturity of 20 years. You wish to construct a barbell portfolio that has the same market value, the same face value and the same dollar duration as that of the bullet portfolio, and which comprises one-year and 30-year zero-coupon bonds. Which of the following statements is not correct? A. The barbell portfolio has a modified duration of 19.37 years. B. The barbell portfolio has a standardized convexity of more than 384.595. C. If you sell the bullet portfolio and use the proceeds to buy the barbell portfolio, and then you reverse the positions after the yield curve shifts, you will always make a profit (ignoring transaction costs). D. If the yield curve shifts in a parallel fashion, the barbell portfolio will always outperform the bullet portfolio. E. The barbell and the bullet portfolio both have a market value of $27.82.