A 1 x 3 FRA contract expires in month(s) based on the -day LIBOR rate.

A company expects to borrow 60 000 000 in 90 days. The treasurer expects short-term interest rates to increase during this period and decides to fix the borrowing rate by entering into a FRA based on the 90-day LIBOR rate. A dealer quoted this FRA at 6%. At expiration, the LIBOR rate is 6.5%. Assume a 360-day year.

The payoff on this FRA is closest to