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| rev | Admin | (Created page with "'''Solution: E''' The correct answer is the lowest cost portfolio that provides for $11,000 at the end of year one and provides for $12,100 at the end of year two. Let H, I, and J represent the face amount of each purchased bond. The time one payment can be exactly matched with H + 0.12J = 11,000. The time two payment can be matched with I + 1.12J = 12,100. The cost of the three bonds is H/1.1 + I/1.2321 + J. This function is to be minimized under the two constraints. S...") | Nov 20'23 at 12:22 | +800 |