A pension fund must pay out $1 million next year, $2 million the following year, and then $3 million the year after that. If the discount rate is 8%, what is the duration of this set of payments? 2) What is the duration of a 10-year zero-coupon bond with a par value of $1,000? 3) A perpetuity pays $100 each and every year forever. What is the duration of this perpetuity if its yield is 8%?