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On May 07, 2020, a 3-month Forward Rate Agreement with maturity on Dec. 07, 2020 is traded at $2,000. The principal of the Forward Rate

On May 07, 2020, a 3-month Forward Rate Agreement with maturity on Dec. 07, 2020 is traded at $2,000. The principal of the Forward Rate Agreement is $1,000,000. Currently, the 7-month and 10-month zero rates are 3.5% and 4.5%, respectively. Please estimate the quarterly compounded forward rate for the agreement.

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