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Consider a floor that has a principal amount of $10 million. The tenor is 3 months, the life of the floor is 5 years, and

Consider a floor that has a principal amount of $10 million. The tenor is 3 months, the life of the floor is 5 years, and the floor rate is 5% (compounded quarterly). On a reset date, 3-month LIBOR is 4.2% per annum. What payment will the holder of the floor receive?

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