Question: The collateral for a floater-and-inverse structure is a fixed-rate bond with a 7% coupon, the floater coupon rate is the reference rate plus 1.3%, and

The collateral for a floater-and-inverse structure is a fixed-rate bond with a 7% coupon, the floater coupon rate is the reference rate plus 1.3%, and the ratio of the floater par to the inverse par is 6. What is the cap on the inverse floater, in %, to the nearest 0.01%? (Do NOT use the % symbol when recording your answer.)

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