CBA, Inc. has a bond with a modified duration of 10 years and a current price of $1,050. Suppose the yield on the bond decreases by 20 basis points. 8. What would happen to the bond price? Rise, fall, or remains the same. 9. What is the new bond price using the formula of estimating bond price change with duration? 10. You hold a bond portfolio with a total value of $10 million that contains the following five bonds. What is the duration of the portfolio? Bond ABCDE Investment value Duration (Years) $1M $2M $3M $2M $2M 4 6 8 10 12