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Your pension fund is invested in $40 million worth of bonds with a duration of 5.5 years and $60 million worth of bonds with a

Your pension fund is invested in $40 million worth of bonds with a duration of 5.5 years and $60 million worth of bonds with a duration of 8 years. The "target date" (the date that the fund needs to pay its contributors) is 6.967 years from now. To become duration-matched, the fund needs to shift how much of its money from 8-year duration bonds into 5.5-year duration bonds? Round your answer to the nearest dollar.

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