You will be paying $11, 200 a year in tuition expenses at the end of the next two years. Bonds currently yield 9%. a. What is the present value and duration of your obligation? b. What is the duration of a zero-coupon bond that would immunize your obligation and its future redemption value? You buy a zero-coupon bond with value and duration equal to your obligation. Now suppose that rates immediately increase to 10%. What happens to your net position, that is. to the difference between the value of the bond and that of your tuition obligation? Net position changes by $ What if rates fall to 8%? Net position changes by $