Assume that you have a liability with following four required payments:

$7,000 due in 1 year

$9,000 due in 2 years

$3,000 due in 3 years

$2,000 due in 4 years

At a r = 8% rate of interest,

(a) What is the present value of this liability? (No need to key-in the answer here.)

(b) What is the duration of this liability? (Keep your answer to 2 decimal places, e.g. xx.12.)