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You wish to create a synthetic forward rate agreement in which you would lock in a return between 177 and 309 days. The price of

You wish to create a synthetic forward rate agreement in which you would lock in a return between 177 and 309 days. The price of a 177-day zero coupon bond is $0.9823 and the price of 309-day zero coupon bond is $0.956. What is the annualized yield on the synthetic FRA (use annual compounding and a 365-day convention)? The par value of the zero coupon bond is $1.

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