3. Pension funds pay lifetime annuities to recipients. If a firm will remain in business indefinitely, the pension obligation will resemble a perpetuity. Suppose, therefore, that you are managing a pension fund with obligations to make perpetual payments of $3.0 million per year to beneficiaries. The yield to maturity on all bonds is 15.5%. If the duration of 5-year maturity bonds with coupon rates of 13.8% (paid annually) is 4 years and the duration of 20-year maturity bonds with coupon rates of 4% (paid annually) is 1 1 years, what percentage of each of hold to immunize your obligation? (30 points) these bonds will you want to