The current forward-rate interest rate contract on the market named "3 to 6" ("3v6") is available at 4.45% / 5.04%. At the same time the current spot interest rates on this market are as follows:

6 months spot rates - 4,62%/4,82%

9 months spot rates - 4,65%/4,85%

a) Calculate the current spot three-month rate for loans on this market (time convention is 30/360).

b) Describe for how long the loan is granted or the deposit accepted in the described

forward-forward contract. When does it start and finish?

c) If the investor wants to take out a loan in the analysed forward-forward contract, describe

what operations and when the bank carries out to provide the client with f-f "3v6" loan.