You have a portfolio of bonds with a modified duration = 5%. What is the approximate value of the $3 million portfolio if rates rise or fall 50 basis points?

Rates Rise % Rates Fall % $2.925 million $3.075 million
		Rates Rise % Rates Fall % $3.075 million $2.925 million
		Rates Rise % Rates Fall % $2.8425 million $3.1575 million
		Rates Rise % Rates Fall % $3.15 million $2.85 million