You will be paying $10,000 a year in tuition expenses at the end of the next two years. Bonds currently yield 8%. Required: a. What are the present value and duration of your obligation? (Do not round intermediate calculations. Round "Present value decimal places and "Duration" to 4 decimal places.) Answer is complete and correct. Present value $ Duration 17,832.64 1.4807 ( years b. What is the duration of a zero-coupon bond that would immunize your obligation and its future redemption value? (Do not roun intermediate calculations. Round "Duration" to 4 decimal places and "Future redemption value" to 2 decimal places.) Answer is complete but not entirely correct. 1.4807 Duration Future redemption value $ 19,985.09 ( years 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.)