Consider a receiver swaption which is giving its holder the right, but not the obligation, to enter into a 2-year annual pay swap in three years, where a fixed rate of \(5 \%\) will be received and the LIBOR rate will be paid. Assume that the yield curve is flat at \(2 \%\) with continuous annual compounding and the volatility of the swap rate is \(10 \%\). The notional principal is \(\$ 10,000\) per percentage point, and the swaption price is quoted in basis points. Write down the expression of the price of this swaption using Black's formula.