Today is July 1, 2020,an investor enters into a FRA in which she will pay 8% per year for a 3 month period starting on April 1,2021 on a principal of $1,000,000 on Dec 1,2021, the forward rate for the three month period starting on April 1,2022 is 7.6% and the risk free spot rate for April 1, 2022 is 7%. What is the Value of the FRA for the investor on Dec 1,2021?

All the rates presentes in this question are in continious compounding.