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The duration of a $100 million portfolio is 10 years. $40 million dollars in new securities are added to the portfolio, increasing the duration of

The duration of a $100 million portfolio is 10 years. $40 million dollars in new securities are added to the portfolio, increasing the duration of the portfolio to 12.5 years. What is the duration of the $40 million in new securities? Please remember to show your work and use any applicable formulas by hand.

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