Today is the 30th of May. You are a bond fund manager and you have in your portfolio floating rate bonds, with a maturity of 5 years, paying quarterly coupons equal to the Euribor3M. The first coupon will be paid on 30/9/20xx. The notional of the bond portfolio is equal to 10,000,000 Euros. Two months ago the Euribor3M was equal to 3.5%. Since you are concerned about interest rates moving down you would like to hedge the cash flows associated with the coupons of next year (until 30/9/20xx+1) using forward rate agreements. Based on the data on table 1 explain which FRAs you should buy or sell to hedge the position and indicate the lending rate you are able to lock in through each of the FRA negotiated. Furthermore calculate the average investment rate for the next year.