A one$-$year floating$-$rate note pays $6-$month Libor plus $119$ bps$.$ The floater is priced at $96\mathrm{.}93$ per $100$ of par value. Current $6-$month Libor is $1\mathrm{.}78\%.$ Assume a $30/360$ day$-$count convention and evenly spaced periods. What is the annual discount margin for the floater in basis points?

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$440\mathrm{.}31$ margin of error $\frac{+}{-}1\%$

First, find the semiannual coupon amount. Then find the yield on the bond given the price. Finally, figure out what part of the yield is the discount margin.