A pension fund manager has to immunize a series of required payments going to customers as follows: Year 1 $400,000 Year 2 $250,000 Year 3 $500,000 The market yield for the cash flows corresponding to the required payments is 9%. The manager wishes to hire a risk manager to immunize the fund. The risk manager elects to pursue an immunization strategy by investing in 1-year Zeroes and Perpetuities, which have a yield of 10%. What is the Duration of the pension fund? In what percentage of Zeroes will the risk manager suggest the pension fund manager invest? And in what percentage of Perpetuities? Show Work A pension fund manager has to immunize a series of required payments going to customers as follows: Year 1 $400,000 Year 2 $250,000 Year 3 $500,000 The market yield for the cash flows corresponding to the required payments is 9%. The manager wishes to hire a risk manager to immunize the fund. The risk manager elects to pursue an immunization strategy by investing in 1-year Zeroes and Perpetuities, which have a yield of 10%. What is the Duration of the pension fund? In what percentage of Zeroes will the risk manager suggest the pension fund manager invest? And in what percentage of Perpetuities? Show Work