Your firm must pay $1 million at the end of each of the next 3 years. It chooses to fund this obligation in an immunized way by purchasing 1,000 1-year bonds with a face value of $1,000 each, and similarly purchasing 1,000 2-year bonds (face value $1000 each), and 1,000 3-year bonds (face value $1,000 each). The terminology in the notes for this approach is a:

a.Zero-coupon structured approach

b.Focused-maturity-based approach

c.Dedicated cash flow matching approach

d.None of the above

Please no excel and show all work