3.) Which of the following statements regarding Whitney's recommendations for Norris's
three clients is most likely correct?
A. Client 2 will meet the necessary conditions for a multiple-liability immunization in
the case of a non-parallel rate shift.
B. Client 3 will require less money to fund liabilities with the proposed strategy relative
to cash flow matching.
C. Client 1 will only achieve the guaranteed value if the term structure of interest rates
is downward sloping.
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