you will be paying $11,400 a year in tuition expenses at the end of the next two years. bonds currently yield 7%. a. what is the present value and duration of your obligation? b. what maturity zero-coupon bond would immunize your obligation? c. suppose you buy a zero-coupon bond with value and duration equal to your obligation. now suppose that rates immediately increase to 8%. what happens to your net position, that is, to the difference between the value of the bond and that of your tuition obligation? d. what if rates fall immediately to 6%