The bank dealer is being advised by a company that pays interest on the loan in the amount of USD 2300000 per year at a fixed interest rate and wants to convert it into six-month payments based on LIBOR 6M. The company's finance director predicts interest rates will fall in the next 12-18 months. The primary task of the dealer is swap pricing, which is to calculate the fixed swap rate. IRS valuation is based on the principle of arbitration. The interest rate swap should be constructed in such a way that there is no possibility of obtaining profit without risk. The dealer's primary concern is the future level of interest rates. If the financial market is well developed, quoted financial instruments allow to assess how investors predict future interest rate levels. In the example, we will assume that the dealer has access to two-year FRA quotes and will use them to price the swap. 1 LIBOR 6M 2 FRA 6x12 3 FRA 12x18 4 FRA 18x24 Interest Rate Number of days 2,46% 182 2,49% 183 2,53% 184 2,58% 182 Please calculate the fixed rate for RS based on the aforementioned criteria and assign potential offer for bid and offer rate for such IRS with 15 bp.