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Consider a five-year floating rate loan with principal of $15 million and quarterly payments based on the six-month bbalibor rate. Suppose the bbalibor rates are

Consider a five-year floating rate loan with principal of $15 million and quarterly payments based on the six-month bbalibor rate. Suppose the bbalibor rates are 0.03 for the first three years and 0.04 for the last two years. What is the value of the floating rate loan when it is issued? You may answer in millions.

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