3. You are presented with the following (mid-market) bank deposit quotes: a) Calculate the mid-market "9 against 12" month forward rate agreement implied by these quotes. If you wanted to lock in a reinvestment rate for three months beginning in nine months, would you buy or sell this ERA? b) At the end of 9 months, the FRA's settlement date arrives and mid-market three month deposits are quoted at 1.50%. Calculate the settlement payment of your ERA and identify whether you would receive that payment or be obligated to make it to your counterparty