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You own a bond portfolio worth $38,000. You estimate that your portfolio has an average YTM of 6.4% and a Modified Duration of 10 years.

You own a bond portfolio worth $38,000. You estimate that your portfolio has an average YTM of 6.4% and a Modified Duration of 10 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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