13. A pension fund must pay out $5 million next year, $2 million the following year and then $3 million the year after that. If the discount rate is 8% what is the duration of this set of payments? 14. In the problem above, how much should you have set aside in an asset fund to fully fund the obligations? n fund has an average Macaulay duration of its liabilities equal to 15 years. The fund is 96 yield 5-year maturity zero coupon bonds and 5% perpetuities to immunize its interest looking at 4 te risk. How much of its portfolio should it allocate to the zero-coupon bonds to immunize if there are no other assets funding the plan