Part $2$: Consider the following floating rate note that pays coupons on a quarterly basis.

Note matures in $4$ years

Quarterly coupon rate $=\frac{\text{S}\text{O}\text{F}\text{R}+3\mathrm{.}00\%}{4}$

The quoted price is $98-11($percent of par with fraction in $32$ nds$)$

Calculate the discount margin for the loan based on the traded price. Assume a SOFR rate of $5\mathrm{.}50\%$ for the first two years and a SOFR rate of $4\mathrm{.}50\%$ for years three and four.