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12. Victor Lu is the fixed income manager of a large Canadian pension fund. The present value of the pension fund's portfolio of assets is

12. Victor Lu is the fixed income manager of a large Canadian pension fund. The present value of the pension fund's portfolio of assets is CAD 4 billion while the expected present value of the fund's liabilities is CAD 5 billion. The respective modified durations are 9.254 and 6.825 years. The fund currently has an actuarial deficit (assets

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