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Determine the value of a FRA. Use the following forward rates to determine the value of a FRA that promises to pay you 6% (compounded

Determine the value of a FRA.

Use the following forward rates to determine the value of a FRA that promises to pay you 6% (compounded semi-annually) on a principal of $1 million for a 6-month period starting in 18 months from now. Note, the subscripts refer to months, so f_6 x 12 is the 6-month spot rate that commences six months from now. All rates are semi-annual APRS.

Period Rate
LIBOR_0x6 4.00%
f_6x12 4.50%
f_12x18 4.75%
f_18x24 5.00%
f_24x30 5.25%
f_30x36 5.50%

The answer is apparently positive $5710.82, but I am not getting anywhere close to this. Could use some help.

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