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Regency Inc. has a floating rate interest payment obligation in nine months fro...
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Regency Inc. has a floating rate interest payment obligation in nine months from now. It wants to lock in this interest payment by entering into an interest rate futures contract. Interest rate futures for 9-months from now settled at 96.95. What is the effective yield on the available futures? What position should Regency take to lock in it's borrowing rate?
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