It is now the 1^st November 2021. Enfield Incs financial projections show an expected cash deficit in two months time of $9.8m, which will last for approximately three months. Enfield Inc plans to obtain funds to meet it's short-term debt obligations through Eurodollar market. Anfield Inc plans to borrow $9.8 million for three months starting in January 2022 at LIBOR plus 0.55%.

The treasurer is concerned that interest rates may have an adverse risk exposure, so he is considering using Eurodollar Futures to hedge the interest rate.

The March Eurodollar futures contract is quoted as 96.61under CME now,

If the actual three-month rate turns out to be 2.5% what will be the outcome of finance cost for its short term debt?

Note: Enter the answer in 2 decimal places