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. IBM needs to borrow USD2 million in 4 months for a six-month period. To lock in the rate on this loan, IBM sells a

. IBM needs to borrow USD2 million in 4 months for a six-month period. To lock in the rate on this loan, IBM sells a 4 x 6 FRA on LIBOR at 3.50% to JP Morgan for a notional principal of USD2 million...

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