Today, ABC Bank (seller) has made a "three against nine" FRA, with XYZ Bank (buyer). Notional amount on the FRA is $10,000,000 and the agreement rate on the FRA is 4.9%. Actual number of days on the contract is 182 days. Suppose, three month later, the market interest rates on LIBOR are quoted as follows. 1-month LIBOR = 4.98% 3-month LIBOR = 5% 6-month LIBOR = 5.03% 9-month LIBOR = 5.0625% 12-month LIBOR = 5.08% (1) Calculate the cash settlement of the FRA transaction (2) Who receives the cash settlement? ABC Bank or XYZ Bank?