1.An international financial institution has agreed to pay 10% per annum and to receive 3-months Libor in return on a notional principal of $100 million with payments being exchanged every 3 months. The swap has a remaining life of 14 months. The average of the bid and offer fixed rates currently being swapped for 3-months Libor is 12% per annum for all maturities. The 3 months Libor rate 1 month ago was 11.8% per annum. All rates are compounded quarterly. What is the value of the Swap using bond method and FRA method