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Assume that the following info with respect to a 3 x 6 month FRA (91-day x 182-day FRA): Principal or Face Value: $100,000,000 FRA Rate:

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Assume that the following info with respect to a 3 x 6 month FRA (91-day x 182-day FRA): Principal or Face Value: $100,000,000 FRA Rate: 1.00% 3-month LIBOR on Fixing Date (Reference Rate): 0.50% Trade Date: Tuesday, April 21, 2020; Spot Date: Thursday, April 23, 2020; Fixing Date: Tuesday, July 21, 2020; Settlement Date: Thursday, July 23, 2020; 3-month LIBOR Loan Maturity Date - Thursday, October 22, 2020 13. What is the settlement value of the 3 x 6-month FRA cited above? 14. Which counterparty would receive the settlement amount of this 3 x 6-month FRA, the fixed rate payer or the floating rate payer, when the Reference rate has declined by 50 basis points (0.50%) relative to the original FRA rate

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