On Jan 15, 2019 you enter into a 1-year forward rate agreement (FRA) with a bank for the period starting July 15, 2019 to Jan 15, 2020. You know that currently the price of the 6-month zero coupon bond is $96.79, and the price of the 1-year zero coupon bond is $93.51. Notional amount N is $100 million. (1) What is the agreed-upon forward rate in the transaction? (2) What is the value of the FRA at inception? (3) On April 15, 2019 you have second thoughts and consider that maybe you should get out the transaction. You receive the data below. What's the value of the FRA now?

Maturity Z (0, T)

0.25 0.9844

0.5 0.9690

0.75 0.9531

1 0.9386