A bank sells a three against six $3,000,000 FRA. The purpose of the FRA is to cover the interest rate risk caused by the maturity mismatch from having made a three-month Eurodollar loan and having accepted a six-month Eurodollar deposit. The agreement rate with the buyer is 5.5 percent. There are actually 92 days in the three-month FRA period. Assume that three months from today the settlement rate is 4.875 percent. Determine how much the FRA is worth and who pays who--the buyer pays the seller or the seller pays the buyer.