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Your firm's investment portfolio was valued at $100,000,000 at the beginning of the year. Approximately 60 percent of the portfolio was invested in...

. Your firm’s investment portfolio was valued at $100,000,000 at the beginning of the year. Approximately 60 percent of the portfolio was invested in fixed-income securities, primarily U.S. government bonds. The remaining 40 percent was invested in mutual funds selected by your firm’s portfolio manager. During the year, the U.S. government bonds yielded 6.0 percent, and the change in the Standard and Poor’s 500 index was 10.0 percent. Reported investment income during the year was $6,000,000, including realized gains. The firm also reported an unrealized loss of $1,000,000. Total yield on the portfolio was thus $5,000,000. What value would you have expected given the facts above?

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