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Deepa entered into a three year interest rate swap two years ago. The notional amount of the swap was 250,000 with one year settlement periods. Under the agreement, Deepa agreed to pay a variable rate equal to the one-year LIBOR rate plus a spread of 120 basis points and receive payments based on a constant annual interest rate of 6.21%.

At the end of the third year, Deepa receives a net swap payment of 307.50.

Determine the one-year LIBOR rate during the third year.