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Martin and Susan's company is considering borrowing $1M for five years. The loan can either have a fixed rate using the 5 -year Treasury R

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Martin and Susan's company is considering borrowing $1M for five years. The loan can either have a fixed rate using the 5 -year Treasury R 2.5\% as a reference rate, plus a 3% markup for 2.5%+3%=5.5% for five years or a floating rate with the rate set at the 1-yr Treasury R. Tir Thie Th. 1.5% reference rate plus a 3.5% markup for 5.0% the first year. The rate on the floating rate loan is reset on the anniversary of the loan based on Whatever the 1-yr. T-bill is at that time. Interest on either loan is paid annually on the anniversary of the loan, and the $1M principal is repaid in five years. If the UEH holds, and there are no liquidity premia in Treasury securities, what will be the sum total of interest pryments over all five years on the floating rate loan

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