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Big Bank sells (goes short) a three against six FRA (93 days) on a notional amount of $15.5M. The Agreement Rate is 3.42% p.a. At

Big Bank sells (goes short) a three against six FRA (93 days) on a notional amount of $15.5M. The Agreement Rate is 3.42% p.a. At settlement, the Settlement Rate is 3.29% p.a. Calculate the settlement amount. Did Big Bank make or lose money on the FRA?

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