*3. A pension fund must pay out $1 million next year, $2 million the following...
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*3. A pension fund must pay out $1 million next year, $2 million the following year, and then $3 million the year after that. If the discount rate is 8%, what is the duration of this set of payments? ( 2.29 years 2 years 2.53 years 2.15 years X O 01:24:33 * 6. Because of convexity, when interest rates change, the actual bond price will the bond price predicted by duration () always be lower than n sometimes be lower than always be higher than sometimes be higher than
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