Six months ago, a company went long on a $120 million forward rate agreement at an interest rate of 3.75% per year because it was concerned about interest rates increasing. The forward rate agreement has a term of nine months and it expires in three months. The current interest rate for a similar forward rate agreement is 4.0% per year. If the twelve-month continuously compounded discount rate is 3.7% per year, what is the value of the company's position? 1) $230,992 O2) $234,517 3) $224,775 4) $220,946 5) $216,827