A fixed$-$income portfolio manager sets a minimum acceptable rate of return on the bond portfolio at $4\mathrm{.}5\%$ per year over the next $4$ years. The portfolio is currently worth $$10$ million. One year later interest rates are at $5\mathrm{.}5\%.$ What is the portfolio value trigger point at this time that would require the manager to immunize the portfolio?

Multiple Choice

$$11,925,186$

$$10,155,651$

$$9,626,210$

$$10,450,000$