My pension plan will pay me $20,000 once a year for a 10-year period. The first payment will come in exactly five years. The pension fund wants to immunize its position.

a. What is the duration of its obligation to me? The current interest rate is 15.0% per year. (Do not round intermediate calculations. Round your answer to 4 decimal places.)

b. If the plan uses 5-year and 20-year zero-coupon bonds to construct the immunized position, how much money ought to be placed in each bond? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

c. What will be the face value of the holdings in each zero? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)