Given a forward rate agreement (FRA) with the following terms:

 Notional principal = $20 million

 Reference rate = LIBOR

 Contract rate = Rk = .05 (annual)

 Time period = 90 days

 Day-count convention = Actual/365 Show in a table the payments and receipts for long and short positions on the FRA given possible spot LIBORs at the FRA’s expiration of 4%, 4.5%, 5%, 5.5%, and 6%.