you own the following portfolio on 7 august 2009 600414

You own the following portfolio on 7 August 2009:

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you own the following portfolio on 7 august 2009 600414
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Face value

Price

Coupon

Maturity

Duration

Bond A

10 million

88.50

5.0% (annual)

1/7/2014

4.41 years

Bond B

5 million

111.00

12.0% (annual)

13/3/2012

2.31 years

Bond C

15 million

94.70

6.0% (annual)

7/10/2013

3.61 years

What is the approximate modified duration of the portfolio? How do you expect the value of the portfolio to change if yields all rise by 10 basis points? Assume that all the bond calculations are on an ACT/ACT basis.

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