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A pension fund must pay out $1 million next year, $2 million the following year, $3 million the third year, and $4 million the year
A pension fund must pay out $1 million next year, $2 million the following year, $3 million the third year, and $4 million the year after that. If the discount rate is 6%, what is the duration of this set of payments?
A. 1.8 years
B. 1.63 years
C. 2.29 years
D. 2.94 years
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