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Placido Electronics Limited approaches a bank in March to organise financing through a 90 -day bank bill facility. The facility will begin in May, using 90 -day bank bills with a total face value of $20 million. The company wishes to know what they can do now to hedge against interest rate risk. The May six-month wwap rate is 2.8%, and it turns out that the 90 -day BBR is 3% in May and 2.5% in August. Calculate the effective interest rate established for the duration of the bill facility, through the use of a swap contract