FRA: current value

Table

	LIBOR spot
Days	Day=0	Day=30
30	3.12%
60	3.32%
90	3.52%
120	3.72%	3.92%
150	3.92%
180	4.12%

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2x5 FRA (Day=0)
= ((1+3.92%*(150/360))/(1+3.32%*(60/360))-1)*(360/90) = 4.30%
↓
1x4 FRA (Day=30)
= 4.14% (given)

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(1) Day=0
Short 2x5 FRA

(2) Day=30
The current value of the $10 million FRA to the short position. (short FRA: Pay - floating, Receive - fixed)

(10*10^6)*(4.30%-4.14%)*90/360/(1+3.92%*120/360) = $3,948