5. On December 31, 1991, your company estimates that it will pay a total (without interest) of X dollars in 1992 and subsequent years on automobile accidents occurring in 1991. The estimated cumulative percentages of X that will be paid are 60% by the end of 1992, 90% by the end of 1993 and 100% by the end of 1994. Assuming an effective rate of interest of 8% and that all payments will be made in the middle of a calendar year, determine the duration of the claim payments. Select one: a. 1.138 b. 1.035 C. 0.950 d. 0.966 e. 1.392