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You own a bond portfolio worth $28,000. You estimate that your portfolio has an average YTM of 6.9% and a Modified Duration of 7 years.

You own a bond portfolio worth $28,000. You estimate that your portfolio has an average YTM of 6.9% and a Modified Duration of 7 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.

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