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You are evaluating a 3-year floating rate note, which pays 6 month LIBOR plus 200 bps (semiannual frequency). This security is priced at 95 per

You are evaluating a 3-year floating rate note, which pays 6 month LIBOR plus 200 bps (semiannual frequency). This security is priced at 95 per 100 par. The current 6-month LIBOR is 10%. Assume a 30/360 day-count convention and evenly spaced periods. What is the discount margin?

Write your answer in basis points. For example, if you get 3.13%, write 313.

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