Tran's company is required to pay a liability of 79860 three years from now. Using the strategy of immunization, Tran invests (right now at time 0) 15000 in a bond which has an annual modified-duration of 1.80 along with another investment (right now at time 0) of 45000 in a bond which has an annual modified-duration of K (where K > 0). Assuming an annual effective yield rate of 10%, find K so that the portfolio is immunized. Give your answer as a decimal rounded to two places (i.e. X.XX).

Note: Recall the definition of modified-duration or volatility: V = A'(i) /A(i) where A(i) is the present value.

Remember that the negative sign is dropped when the value is written, so you will want to account for this when doing your computations.