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The person LONG a 60-day FRA on the 45-day LIBOR with a rate of 8% and $2 million notional amount will have the payoff of
The person LONG a 60-day FRA on the 45-day LIBOR with a rate of 8% and $2 million notional amount will have the payoff of ____ on day ____, if the spot rate at the FRA's expiration is 9%.
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