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You own a bond portfolio worth $25,000. You estimate that your portfolio has an average YTM of 7.0% and a Modified Duration of 6 years.

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You own a bond portfolio worth $25,000. You estimate that your portfolio has an average YTM of 7.0% and a Modified Duration of 6 years. If your portfolio's average YTM were to decrease by two basis points, what would be the approximate new value of your portfolio? Round to the nearest cent. Numeric

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