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The following are continuously compounded annual spot interest rates: 3 months rate: 8.0%, 6 months rate: 8.2%, 9 months rate: 8.4%, 12 months rate: 8.5%,

The following are continuously compounded annual spot interest rates: 3 months rate: 8.0%, 6 months rate: 8.2%, 9 months rate: 8.4%, 12 months rate: 8.5%, 15 months rate: 8.6%, and 18 months rate: 8.7%. What is the value of a FRA that enables the holder to earn a continuously compounded annual interest rate of 9.389%, for a 3-month period, starting in 1 year, on a principal of 1,000,000 (numbers without decimals)?

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