You hold a bond portfolio, currently valued at $16.5 million, with a duration of 7.65 years and a convexity of 98.75. The average yield to maturity of bonds in the portfolio is currently 6%. If the Federal Reserve cut interest rate by 25 basis points, the predicted new value of your bond portfolio based on the duration- and-convexity rule is $18.75 million $16.80 million $17.77 million $15.78 million