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A one-year forward contract has a forward price of $90 and a two year forward contract has a forward price of $95. The yield curve

A one-year forward contract has a forward price of $90 and a two year forward contract has a forward price of $95. The yield curve is flat at 5% effective per annum. X is the implicit borrowing and lending that occurs at the end of one year under the two-year swap contract with a level swap price. Determine X.

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