b.Consider a three-month FRA (Forward Rate Agreement) contract, expiring in 90 days, based on 6-month LIBOR. The underlying rate on the contract is the 6-month LIBOR that will prevail in 90 days. Suppose the two parties to the contract agree on a fixed rate of 2.15%. The notional amount of the contract is $50,000,000. Ninety days later, the 6-month LIBOR is 2.37%. Calculate the FRA payment to be made in nineteen days.