Suppose that an insurance company sells a guaranteed investment contract (GIC) to make a $30,000,000 lump-sum payment in 8 years. The company wishes to construct a portfolio of assets to cover this single liability, such that it is immunized against interest rate risk.

The company is considering investing in four semiannual bonds:

(1) 3-year Treasury bond with a face value of $1,000 and coupon rate 1.50%

(2) 5-year Treasury bond with a face value of $1,000 and coupon rate 1.75%

(3)10-year Treasury bond with a face value of $1,000 and coupon rate 2.25%

(4)15-year Treasury bond with a face value of $1,000 and coupon rate 2.75%.

The current yield on all bonds is 2%. How many shares of 3-year, 5-year, 10-year, and 15-year Treasury bonds should the insurance company buy in order to fully fund the liability and be immunized against interest rate risk? (Round to the nearest integer) Hint: To fully fund the liability, the present value of the assets must equal the present value of the liabilities. To be fully immunized, the Macaulay duration of the assets must equal the duration of the liabilities.