3. You are managing a pension fund that you must pay annually $1 million to pensioners permanently. You can use the following two bonds to fully cover the amount of funds required for this debt and at the same time You want to be immunized. Bond B pays interest every year. The market interest rate is 5%. A Bond : Maturity = 30 years, Coupon Rate = 0%(Zero coupon bond), Face value = $1,000 B Bond : Maturity = 5 years, Coupon Rate = 6%, Face value = $1,000 i) Calculate the present value (market value) and (Macaulay's duration) of your debt. ii) Calculate the market price and Macaulay duration of bond A. iii) Calculate the market price and Macaulay duration of bond B. iv) How many shares of each bond must be purchased in order to be immunized while covering the required amount of funds?