1. How much money would you have to deposit today in order to have $5,000 in three years if the discount rate is 6 percent per year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
2. You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 8.9 percent to 8.4 percent, the fair present value rose from $945 to $955. What is the duration of this bond? Assume annual payments. ((Do not round intermediate calculations. Round your answer to 2 decimal place. (e.g., 32.12))