A pension plan is obligated to make disbursements of $5 million in 2 years, $6 million in 3 years, $4 million in 4 years and $3 million in 5 years. Find the duration of this plans obligations if the interest rate is 5.5%.

Question 11 options:

	3.22 years
	3.58 years
	3.76 years
	3.92 years
	4.15 years

Consider a 30-year semiannual bond with an 8% coupon rate. What is the bonds duration if its YTM is 7%?

Question 12 options:

	9.5 years
	11.4 years
	12.6 years
	15.1 years
	16.6 years