1. If a floating-rate note has a cap, who can benefit from this feature (the cap)? If it has a floor, who can benefit from the floor? Explain
2. A floating-rate note with $1000 par value makes coupon payments quarterly. The coupon rate is determined by LIBOR plus 28 basis points. Calculate the coupon rates and coupon payment on the following date using the information available.

3. Date	LIBOR	Coupon Rate	Coupon Payment
   May 15, 2020	1.64%
   August 15, 2020	1.24%
   November 15, 2020	1.40%
   February 15, 2021	1.55%