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A three-year floating rate note pays 3-month Libor plus 70 basis points. The floater is priced at 99 per 100 of par value. Current 3-month

A three-year floating rate note pays 3-month Libor plus 70 basis points. The floater is priced at 99 per 100 of par value. Current 3-month Libor is 1.6%. Assume a 30/360 day-count convention and evenly spaced periods. The discount margin for the floater in basis points is:______

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