Consider a portfolio with a market value of $50 million and a modified duration of 7 years. Its manager wants to achieve a modified duration of 5 years by using a swap with a modified duration of 3 years. What position should the manager take in the swap?

Question 8 options:

	Notional principal of $16,666,667, fixed-rate receiver
	Notional principal of $16,666,667, fixed-rate payer
	Notional principal of $33,333,333, fixed-rate receiver
	Notional principal of $33,333,333, fixed-rate payer