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Libor beginning next march

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Suppose we wish to borrow $5,000,000 for 91 days at LIBOR beginning next March, and that the quoted Eurodollar futures price (based on a 360-day year) is 91.03. How much will be needed to repay the loan?

a.$5,113,371

b. $5,056,498

c. $5,226,742

d. $5,448,500

e. $5,492,695

Please explain equation and how to solve the question in steps

Reference no: EM132042244

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