A financial intermediary enters into an FRA contract as the fixedrate payer of the three$-$month market reference rate $($MRR$)$ in one year's time.

$($a$)$ The intermediary will make a net payment if $MRR>$ fixed rate in one year

$($b$)$ The intermediary will receive a net payment if MRR $>$ fixed rate in one year

$($c$)$ The intermediary will receive a net payment if $MRR$ fixed rate in one year

$($d$)$ The intermediary is unaffected by market interest rates due the daily MTM settlement