Suppose that zero rates with continuous compounding are as follows:

Maturity (Months)	Rate (% per annum)
3	5.1
6	5.2
9	5.3
12	5.4
15	5.5
18	5.5

What is the value of a FRA that enables the holder to borrow at 4.5% (quarterly compounding) for a three-month period starting in 9 months on a principal of $1,000,000? (NOTE: You can use either the Australian or American pricing convention).