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Assume that an FRN matures in December 2022. The FRN makes semiannual coupon payments. The coupon rate is expressed as six month Libor + 100

Assume that an FRN matures in December 2022. The FRN makes semiannual coupon payments. The coupon rate is expressed as six month Libor + 100 bps. The par value is $1,000,000. Based on the following hypothetical Libor, what is the coupon payment in June 2022?

Date Six-Month Libor

Dec 2021 2.59%

Mar 2022 2.57%

June 2022 2.55%

Sep 2022 2.61%

Dec 2022 2.60%

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