1. A pension fund manager anticipates the purchase of a 20-year, 8 percent coupon Treasury bond at...

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1. A pension fund manager anticipates the purchase of a 20-year, 8 percent coupon Treasury bond at the end of two years. Interest rates are assumed to change only once every year at year-end, with an equal probability of a 1 percent increase or a 1 percent decrease. The Treasury bond, when purchased in two years, will pay interest semiannually. Currently the Treasury bond is selling at par.

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