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You own a $15 million bond portfolio with a modified duration of 11 years. Interest rates are expected to decrease by 5 basis points, or

You own a $15 million bond portfolio with a modified duration of 11 years. Interest rates are expected to decrease by 5 basis points, or 0.05%. What is the price value of a basis point? Multiple Choice $10.400 $14.300 $16,500 $21,300

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