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A pension plan is obligated to make disbursements of $4 million, $9 million, and $7 million...

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Finance

A pension plan is obligated to make disbursements of $4 million,$9 million, and $7 million at the end of each of the next threeyears, respectively. Find the duration of the plan's obligations ifthe interest rate is 9.5% annually. (Round your answer to 4decimal places.)

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Transcribed Image Text

A pension plan is obligated to make disbursements of $4 million,$9 million, and $7 million at the end of each of the next threeyears, respectively. Find the duration of the plan's obligations ifthe interest rate is 9.5% annually. (Round your answer to 4decimal places.)

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