4. (12) It is now Jan 1, 2023. The yield curve is flat at 8%. One year from now, an insurance a. What is the duration of this liability? Page 6 b. The company is funding this obligation with a portfolio consisting of 5-year zeros ("A" bonds) and 20-year zeros ("B" bonds). To most closely achieve target-date immunization, what fraction of the portfolio (by market value) should be in the 5-year ("A") zeros? c. One year later (Jan 1, 2024), the company plans to sell some of the bonds to make the first $5M payment and to recompute the weights to stay immunized. Will the weight on bond " A " be higher or lower than the number you computed for Jan 1, 2023? Why? (Remember that on Jan 1, 2024 the "A" bond will be a 4-year zero and the "B" bond will be a 19-year zero.)