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Katanga wants to borrow $ 1 0 0 mm in 4 months time for 6 months. So they entered into a FRA at 4 .

Katanga wants to borrow $100mm in 4 months time for 6 months. So they entered into a FRA at 4.5% per annum. The 4 month and 10 month spot rates are 4.2% and 5%. Please value the FRA in actual dollar amount (i.e. please do not round off to the nearest million), rounding your answer to 1 decimal places.

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