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10. A liability consists of a series of 20 annual payments of 10,000 with the first payment to be made one year from now. The

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10. A liability consists of a series of 20 annual payments of 10,000 with the first payment to be made one year from now. The assets available to immunize this liability are five-year and ten-year zero-coupon bonds. The annual effective interest rate used to value the assets and the liabilities is 5.0%. The asset portfolio should have the same present value and duration as the liabilities. Calculate the maturity value of the amount invested in the ten-year zero-coupon bonds

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