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The risk-free yield curve is flat at 3% per annum. What is the value of an FRA where the holder receives floating LIBOR and pays

The risk-free yield curve is flat at 3% per annum. What is the value of an FRA where the holder receives floating LIBOR and pays a fixed rate of 7% per annum for a six-month period on a principal of $1,000 starting in 3 years? The forward six-month LIBOR rate in 3 years is 4%. All rates are compounded semiannually. Please enter your answer in dollars rounded to the nearest cent. PLEASE SHOW YOUR WORK

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