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181.
A company has liabilities that require it to make payments of 1000 at the end of each of the next five years. The only investments available to the company are as follows:
Investment Price
J 1500
K 500
L 1000
M 4000
Subsequent Cash Flows
500 at the end of each year for 5 years 1000 at the end of year 5
500 at the end of each year for 4 years 1000 at the end of each year for 5 years
The company is able to purchase as many of each investment as it wants, but only in whole units. The company’s investment objective is to be fully immunized over the next five years.
Calculate the lowest possible cost to achieve this objective.
(A) 1500
(B) 2000
(C) 2500
(D) 3000
(E) 4000