A pension fund has $100 billion in assets and $90 billion in liabilities. Assets are fully invested

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A pension fund has $100 billion in assets and $90 billion in liabilities. Assets are fully invested in stocks, and liabilities have a modified duration of 15 years. In 2002, stocks fall by 22.1 percent, and yields drop by 1.24 percent. Compute the surplus at the end of 2002 and the return (scaling by initial asset value).
Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...
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