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A company buys an interest rate floor on 3-month LIBOR with a floor rate of 3% per annum. The principal amount is $10 million. On

A company buys an interest rate floor on 3-month LIBOR with a floor rate of 3% per annum. The principal amount is $10 million. On a reset date, 3-month LIBOR is 3.8% per annum. What payment would this lead to under the floor?

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