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You are following a contingent immunization policy with your bond portfolio. The targeted minimum annual return is 4 percent annual return for 5 years. Portfolio

You are following a contingent immunization policy with your bond portfolio. The targeted minimum annual return is 4 percent annual return for 5 years. Portfolio value is $300 million. The current interest rate is 5 percent. How much money you can lose before jeopardizing your target (in millions)?

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