Today is July 14, 2021 and an investor enters into a FRA in which she will pay 8% per year for a three month period starting on April 14, 2022 on a principal of $ 1,000,000. On Dec 14, 2021, the...

Today is July 14, 2021 and an investor enters into a FRA in which she will pay 8% per year for a three month period starting on April 14, 2022 on a principal of $ 1,000,000. On Dec 14, 2021, the forward rate for the three month period starting on April 14, 2022 is 7.6% and the risk free spot rate for April 12, 2022 is 7%. What is the value of the FRA for the investor on Dec 14, 2021? All the rates presented in this problem are in continuous compounding.