On February 12 a portfolio manager has a bond portfolio worth $100 million. The duration of the portfolio in April will be 8 years. The June Treasury bond futures price is currently 90-08 and the cheapest-to-deliver bond will have a duration of 10 years at maturity. a) How should the portfolio manager do to hedge the bond portfolio and avoid risk of changes in interest rates over the next two months? b) What adjustments to the hedge are necessary if after one month the bond that is expected to be cheapest to deliver changes to one with a duration of eight years