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Required: A three-against-nine FRA has an agreement rate of 4.79 percent. You believe six-month CME Term SOFR in three months will be 5.145 percent. You

Required: A three-against-nine FRA has an agreement rate of 4.79 percent. You believe six-month CME Term SOFR in three months will be 5.145 percent. You decide to take a speculative position in an FRA with a $1,000,000 notional value. There are 183 days in the FRA period. Determine whether you should buy or sell the FRA and what your expected profit will be if your forecast is correct about the six-month CME Term SOFR rate. Note: Round your intermediate calculations to 6 decimal places. Round your answer to 2 decimal places. Assume 360 days in a year

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