20) (9 Points) You are managing a pension fund bond portfolio. You company will owo pensioners cash flows in various amounts spanning the next 50 years. The liabilities have a duration of 18.7 years, and their net present value at the current Interest rate level of 4% is $24,000,000 Describe what steps you will need to take: A) to construct and B) to manage a bond portfolio that will cover the Itabilities and be immunized against interest rate risk A)