Suppose that the 125 companies ITU had the following quote on itssynthetic CDO tranche:

(a)Tranche 0 - 3%: 12.23%

(b)Tranche 3 - 6%: 52.94

(c)Tranche 6 -9%: 17.85

(d) Tranche 9-12%: 10.6

(e)Tranche 12 -22%6.0

Suppose that the ITU index was at a level of 36. If a trader wished to purchase a three-year protection against the losses in the underlying portfolio that are in the range of 9 -12% on a principal of 5 million, what would have been the quarterly payment made by the trader?