A 10-year, 5% coupon bond making annual payments has a Macaulay duration of eight years if the bond is priced at 92.64 per 100 face value to yield 6%. Show how classical immunization works by showing the target value and total return for an eight-year horizon period are approximately the same given different interest rate changes. Specifically, assume there is a one-time shift in the yield curve to 4% and to 8% just after the investment is made. Assume the yield curve is flat and use annual compounding.