Question
A pension plan is obligated to make disbursements of $1.6 million, $2.6 million, and $1.6 million at the end of each of the next three
A pension plan is obligated to make disbursements of $1.6 million, $2.6 million, and $1.6 million at the end of each of the next three years, respectively. Find the duration of the plan's obligations if the interest rate is 7% annually. (Do not round intermediate calculations. Round your answer to 4 decimal places.)
Duration years
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Contemporary Financial Management
Authors: Don Cyr, Alfred Kahl, William Rentz, R. Moyer
1st Edition
017616992X, 978-0176169923
