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You have entered into a 4/7 FRA at a rate of 5.9%. There are 91 days in the FRA period. After three months, the FRA

You have entered into a 4/7 FRA at a rate of 5.9%. There are 91 days in the FRA period. After three months, the FRA is now a 1/4 FRA. If the three-month Libor rate is 6.4%, and the six-month Libor rate is 7.2%, what is the current value of the FRA? Assume that the number of days in the first month is 30 and the notional amount of the FRA is $ 10,000,000. What is the FRA value?

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