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Use the following rates to value a forward rate agreement ( FRA ) where you will receive 5 % compounded semi - annually on a

Use the following rates to value a forward rate agreement

(

FRA

)

where you will receive

5 %

compounded semi

-

annually on a six

-

month time deposit of $

10

million for the six

months starting three years from today.

The value of the FRA to you is:

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