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Suppose that a party wanted to enter an FRA that expires in 42 days and is based on 120-day LIBOR. The dealer quotes a rate

Suppose that a party wanted to enter an FRA that expires in 42 days and is based on 120-day LIBOR. The dealer quotes a rate of 0.0488 on the FRA. Assume that at expiration, the 120-day LIBOR is 0.0417, and the notional amount is USD15,000,000. What is the payoff of the FRA long position?

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