You will be paying $10,000 a year in tuition expenses at the end of the next two years. Bonds currently yield 8%. a. What is the present value and duration of your obligation? (Do not round intermediate calculations. Round "Present value" to 2 decimal places and "Duration" to 4 decimal places.) Present value Duration years b. What is the duration of a zero-coupon bond that would immunize your obligation and its future redemption value? (Do not round intermediate calculations. Round "Duration" to 4 decimal places and "Future redemption value to 2 decimal places.) years Duration Future redemption value c. Suppose you buy a zero-coupon bond with value and duration equal to your obligation Now suppose that rates immediately increase to 9% What happens to your net position, that is, to the difference between the value of the bond and that of your tuition obligation? (Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.) Net position changes by d. What if rates fall to 7%? (Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.) Not position changes by