Question: You will be paying $ 1 8 , 0 0 0 a year in tuition expenses at the end of the next three years. Bonds

You will be paying $18,000 a year in tuition expenses at the end of the next three years. Bonds currently yield 5%.
What is the present value of your tuition expenses?
What is the duration of the tuition expenses?
Suppose you buy a zero-coupon bond with value and duration equal to your tuition obligation. Also suppose that rates immediately decrease to 4%. What happens to your net position, that is, to the difference between the present value of the bond and that of your tuition obligation?
What if rates rises to 5.5%?
Please show work through a photo or a Word document.

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