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A three-against-nine FRA has an agreement rate of 4.3 percent. You believe six-month LIBOR in three months will be 5 percent. You decide to take

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A "three-against-nine" FRA has an agreement rate of 4.3 percent. You believe six-month LIBOR in three months will be 5 percent. You decide to take a speculative position in a FRA with a $1,000,000 notional value. There are 181 days in the FRA period. Determine what your expected profit will be if your forecast is correct about the six-month LIBOR rate. (keep two decimal places, e.g.. "299.23" and assume that there are 360 days a year.)

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