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You enter into a long position of an FRA of notional 10 million to receive on the three-month underlying Libor rate six months from now

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You enter into a long position of an FRA of notional 10 million to receive on the three-month underlying Libor rate six months from now and pay the fixed interest rate of 8%. At the end of six months, if the underlying three-month rate is 7.2% over an actual period of 90 days, what is your payoff given that the payment is made right away? Recall that the ACT/360 convention applies

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