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#4 A liability consists of a series of 15 annual payments of $35,000 with the first payment to be made orle year from now. The

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#4 A liability consists of a series of 15 annual payments of $35,000 with the first payment to be made orle year from now. The assets available to support this liability are five-year and ten-year zero-coupon bonds. i = 0.06 The asset portfolio must have the same present value and duration as the liability How much should be invested in the five-year zero-coupon bonds

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