Solve this problem by hand, do not use excel.

You need $100 million in five years to complete a major construction project. You have raised enough money to finance the project through a donation campaign, now you need to invest it and make sure you don't get burned by interest rate risk. The only investments you're allowed to use are a two-year, 5% coupon, $1000 face value bond currently selling at par and an end-year, 8% coupon, $1000 face value bond with an annual discount rate of 5%. Form an immunized portfolio that will be worth $100 million in five years. Show what your portfolio will be worth in five years if the discount rate on both bonds falls to 4% after the first year so the new rate pattern is 5%, 4%, 4%, 4%, 4%, 4%, 4%, 4%.)