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3. A pension plan is obligated to make disbursements of $1 million, $2 million, and $1 million at the end of the next three years,

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3. A pension plan is obligated to make disbursements of $1 million, $2 million, and $1 million at the end of the next three years, respectively. Find the modified duration of the plan's obligations if the yield curve is flat at 10%. (25 points)

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