Value of FRA prior to settlement

Taken from Schweser reading, 51, calculating the value of an FRA prior to settlement, questions says: value a 5.32% FRA with a principal amount of $1 million 10 days after initiation if 110 day Libor is 5.9% and 20 day Libor is 5.%. Step 1 is to find the new FRA price on a 90 day loan 20 days from today. Why do we give the FRA price annualised (that is multiply by (360/90) when we are looking for the price of a 90 day loan?

5.32% is an annualized rate

the rates that you are given now - 5.9% for 110 days, 5% for 20 days will be converted to the 360 day convention as well.

is the answer 60820?

sorry, question is meant to read 20 day libor is 5.7%. The answer is then 1,487.39