Suppose you are a trust that holds a 10% fixed income security with a face value of 200k. Using this bond as a collateral if you want to create

i. a variable-rate demand note, the short-term 'floater', that offers a coupon rate of 1-month LIBOR + 2% and has a face value of 70% of the collateral, and

ii. an inverse floater that offers a coupon rate of X - 1-month LIBOR and has a face value of 70% of the collateral, at what % you must set X? Assume, an initial 1-month LIBOR rate of 2% and a floor of 0% for the inverse floater.