Q:82 Kaplan kit (Dec 2013)

Respected Sir, I was a bit confused by the solution of part a of the question (Forward rate agreements ) so i solved it my simple way the way i have learnt FRA's. FRA 3-7 4.82% Current Interest rate : 4.09% Bank has offered to invest at 20 basis points less LIBOR Case 1: if interest rate goes up by 0.9% Solution: Actual Interest (4.09+0.09) = 4.99% $48,000,000*4.99%*3/12 = 798,400 Difference in FRA and current interest rate (4.99% -4.82% = 0.17%) We pay to bank the difference $48,000,000*0.17%*4/12 = (27,200) 20 basis points reduced on actual interest by bank =0.20/100*48,000,000*4/12 = (32,000) ---------------------- $ 739,200. The answer is same.Can i use this format in exam.for me its v easy . Pls advice. Thanks