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A bank sells a three against twelve FRA for $1 million at a rate of 8%. In three monthsthe FRA settles at 7.5%. There are

A bank sells a three against twelve FRA for $1 million at a rate of 8%. In three monthsthe FRA settles at 7.5%. There are 273 days in the FRA period. How much cash does the bank pay or receive?

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