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Suppose an institution has an investment horizon of 3 years. Its portfolio consists of $1,000 three-year zero-coupon bonds that are trading at a yield to

Suppose an institution has an investment horizon of 3 years. Its portfolio consists of $1,000 three-year zero-coupon bonds that are trading at a yield to maturity of 10 percent. The portfolio ______ immunized at the beginning of the three-year period. The portfolio ____ be immunized one year later.

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