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6. Vicky has agreed that she will pay 4% on $5,000,000 for 3 months starting in 15 months. Suppose rate proves to be 3.7% with

6. Vicky has agreed that she will pay 4% on $5,000,000 for 3 months starting in 15 months. Suppose rate proves to be 3.7% with quarterly compounding.

(1) Calculate the payoff at the 18-month point.

(2)Calculate the equivalent payoff at the 15-month point.

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