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You own a bond portfolio worth $157,000. You estimate that your portfolio has an average YTM of 8.7% and a Modified Duration of 29 years.

You own a bond portfolio worth $157,000. You estimate that your portfolio has an average YTM of 8.7% and a Modified Duration of 29 years. If your portfolio's average YTM were to increase by 10 basis points overnight, what would be the approximate new value of your portfolio? Round to the nearest dollar.

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