A company without default risk can issue a five-year dollar FRN at LIBOR. The coupon is paid and reset semiannually. It is certain that the issuer will never have default risk and will always be able to borrow at LIBOR. The FRN is issued on November 1, 2007, when the six- month LIBOR is at 5%. Here are the dollar yield curves on two different dates: May 1, 2008 % 1 Month 3 Months 6 Months 12 Months 6.00 6.00 6.00 6.00 August 1, 2008 % 5.00 5.50 6.25 7.00 a. What should the value of the FRN be on May 1? b. What should the value and the clean price of the FRN be on August 1, 2008