A 3-5 Forward Rate Agreement ____________

a. starts in 5 months, and lasts for 3 months (it is settled in 2 months time).

b. starts in 3 months, and lasts for 5 months (it is settled in 8 months time).

c. starts in 5 months, and lasts for 3 months (it is settled in 5 months time)

d. starts in 8 months, and is settled between 3-5 months later.

e. starts in 3 months, and lasts for 2 months (it is settled in 5 months time).