Assuming the current zero rates (based on continuous compounding) for 6 months and nine months are 4% and 5% respectively. Assume further that a FRA was entered into several months ago that enables the holder to earn 6% (per annum based on quarterly compounding) for a 3-month period starting 6 months from now on a principal of $1,000,000. What is the value of the FRA to the person receiving funds?