A lender is short on a 90-day FRA on the 180-day BB corporate bond yield. The agreed-upon rate of the FRA contract is 12.35% and the notional amount is $500,000. 30 days after the lender entered the contract, the forward rate on a 60-day FRA on the 180-day BB corporate bond yield is 14.07. On this day you can observe the following spot BB corporate rates:

60-day: 10%

90-day: 11%

120-day: 12%

150-day: 13%

180-day: 14%

240-day: 15%

270-day: 16%

What is the value of the lender's FRA (in dollars, rounded to two decimals)?