Conglomerate Corporation has acquired Acme Corporation. To help finance the takeover, Conglomerate will liquidate the overfunded portion of Acme’s pension fund. The face values and current and one-year future liquidation values of the assets that will be liquidated are given below:

                                                                            Liquidation Values

         Asset                        Face Value                 t = 0         t = 1 year

          IBM stock                    $10,000             $9,900           $10,500

         GE bonds                          5,000               4,000               4,500

         Treasury securities          15,000             13,000             14,000

         Calculate the 1-year liquidity index for these securities.