6. On December 31, 1988, your company estimates that it will pay a total of $10,000,000 in 1989 and subsequent years on health insurance claims that were incurred in 1988 and prior years. It expects the payout pattern to be as follows: Year 1989 1990 1991 1992 Cumulative Payout Pattern 60% 80% 90% 100% Determine the duration of the claim payments assuming that they are paid at the end of each calendar year and that the effective rate of interest is 10%. Select one: a. 1.783 b. 1.609 c. 1.692 d. 1.431 e. 1.514