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You own a bond portfolio worth $70,000. You estimate that your portfolio has an average YTM of 5.0% and a Modified Duration of 20 years.

You own a bond portfolio worth $70,000. You estimate that your portfolio has an average YTM of 5.0% and a Modified Duration of 20 years. If your portfolio's average YTM were to decrease by 2 basis points, how much would the value of your portfolio change? Round to the nearest cent. [Hint: Answer is positive if the portfolio value increases and negative if the value decreases]

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