- Suppose the 6-month and 12-month spot rates are 4.69% and 5.28%, respectively (continuously compounded rates). An investor enters into an FRA in which she will pay 5.5% (assuming semiannual compounding) on a principal of $6,000,000 between months 6 and 12. Calculate the value of the FRA. - Suppose the 6-month and 12-month spot rates are 4.69% and 5.28%, respectively (continuously compounded rates). An investor enters into an FRA in which she will pay 5.5% (assuming semiannual compounding) on a principal of $6,000,000 between months 6 and 12. Calculate the value of the FRA