Table 5.5

Maturity (years)	Bid	Offer	Swap Rate
2	6.03	6.06	6.045
3	6.21	6.24	6.225
4	6.35	6.39	6.370
5	6.47	6.51	6.490
7	6.65	6.68	6.665
10	6.83	6.87	6.850

A companys investments earn LIBOR minus 0.60%. Explain how it can use the quotes in Table 5.5 to convert them to (a) three-, (b) five-, and (c) ten-year fixed-rate investments.

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