Suppose we wish to borrow $$10$ million for $3$ months, and that the quoted Eurodollar futures price is $95\mathrm{.}40.$ What $3-$month LIBOR rate is implied by this price? Suppose the interest rate on the loan is based on the $3-$month LIBOR rate.

Question $15$ options:

$1\mathrm{.}60\%$

$1\mathrm{.}30\%$

$1\mathrm{.}15\%$

$1\mathrm{.}80\%$

$1\mathrm{.}05\%$