It is January 15 now, and a corporation needs to borrow $200 million for 3 months from April 15 to July 15. It enters into a long 3 x 6 FRA today and borrows the $200 million at Libor on April 15. The fixed rate in the FRA is k= 8.00%. Assume the Actual/360 convention and there are 91 days between April 15 to July 15. (a) The Libor is { = 7.60% on April 15. Compute the net interest payable on July 15, taking into account payoff from the FRA kb) What would be the answer in (a) if Eurodollar futures without tailing was used instead of FRA?