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Suppose that a bank enters into an FRA that is designed to ensure it will receive a fixed rate of 6 % on a principal

Suppose that a bank enters into an FRA that is designed to ensure it will receive a fixed rate of 6% on a principal of $100 million for a 6-month period starting in 2 years. The FRA is an exchange where SOFR is paid and 6% is received for the 6-month period. If 6-month SOFR proves to be 6.5% for the 6-month period, how large will the cash flow to the lender be? When is it received?

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