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2. The coupon rate of a floating rate note that makes payments in June and December is expressed as six-month LIBOR + 25 bps. Assuming

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2. The coupon rate of a floating rate note that makes payments in June and December is expressed as six-month LIBOR + 25 bps. Assuming that the si the end of June 20XX and 3.50% at the end of December 20XX, what is the interest rate that applies to the payment due in December 20XX? x-month LIBOR is 3% at

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