You will be paying $12,800 a year in tuition expenses at the end of the next two years. Bonds currently yieid 8%. Required: a. What are 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.) 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.) 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 tultion obligation? (Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.) d. Suppose you buy a roro-coupon bond with value and durotion equal lo your obligation. Now suppose that rates immediately falls to 7. What happens to your net pokition, that is, to the differenco between the vatue of the bond and that of your tuition obligation? (Enter your answer as a positive value. Do nof round Intermediate calcutations. Round your answer to 2 decimal places.)