You will be paying $$10,800$ a year in tuition expenses at the end of the next two years. Bonds currently yield $9\%.$

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.$)$

$\backslash$table$[[$Present value,$$,18,998\mathrm{.}40$