The 12-month 15-month 18-month zero rates are 45 46 47 with


The 12-month, 15-month, 18-month zero rates are 4.5%, 4.6%, 4.7% with continuous compounding. What is the value of an FRA that enables the holder to earn 5.7% (with semiannual compounding) for a 3-month period starting in 1 year on a principal of $1,000,000? 
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Finance Basics: The 12-month 15-month 18-month zero rates are 45 46 47 with
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