Question: A five-year floater pays a three-month Libor plus 0.50%. Currently, the three-month Libor is 1.21%. Assume the discount rate per period is 0.66%. What is

A five-year floater pays a three-month Libor plus 0.50%. Currently, the three-month Libor is 1.21%. Assume the discount rate per period is 0.66%. What is the discount margin? Express your answer in percent and round it to two decimal places. e.g. if your answer is 0.02356, write down 2.36 (without the percent sign).

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