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2. 6x9 FRA is an FRA (Forward Rate Agreement) that settles in 6- months on a 3-month rate. Consider the following 6x9 FRA. Assume the

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2. "6x9 FRA" is an FRA (Forward Rate Agreement) that settles in 6- months on a 3-month rate. Consider the following 6x9 FRA. Assume the buyer of the FRA agrees to a contract rate of 6.35% on a notional amount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%

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