Maturity (year)	ZCB Price
0.25	0.988
0.5	0.971
0.75	0.953
1	0.933

(a) If you want to borrow $100,000 6 months later for 3 months with an FRA, what is the forward rate (effectively for 3 months)?

(b) Suppose 6 months later, the 3-month annualized spot rate is 5%. What is the settlement amount of the FRA if settle at initiation?

(c) Suppose 6 months later, the 3-month annualized spot rate is 5%. What is the settlement amount of the FRA if settle in arrears?