took a short position in a FRA with a notional principal of $10,000,000. The agreement expires in 30 days and is based on a 90-day LIBOR. The FRA is based on a fixed rate of 6%. Assume that at expiration, the 60-day LIBOR is 5.25%, and the 90-day LIBOR is 5.5%. Calculate the value of the FRA at expiration. Is Mary Hames to receive or to pay money? What may have motivated Mary Hames to enter into the FRA? Be as specific as you can.