Contingent immunization (a) uses the immunization amount as a benchmark to see if the manager can continue to actively manager. (b) allows the manager to actively manage at all time. (c) combines active and passive bond management at the same time. (d) requires duration matching at all times. 14. The concepts of immunization and duration are limited by the assumption that the bonds will (a) default at some future date. (b) not default or be called before maturity. (c) not be callable bonds. (d) have a realized yield that equals the coupon rate. 15. A 5 year, zero-coupon bond has a maturity of $1,000 and a present market price of $713. Its duration in years is (a) 4.7. (b) 5. (c) 4.2. (d) 3.9.