The one-year LIBOR rates is 3%, and the LIBOR forward rate for the 1- to 2-year period is 3.2%, respectively. The three-year swap rate for a swap with annual payments is 3.2%.

What is the LIBOR forward rate for the 2- to 3-year period if OIS zero rates for maturities of one, two, and three years are 2.5%, 2.7%, and 2.9%, respectively. What is the value of a three-year swap where 4% is received and LIBOR is paid on a principal of $100 million.

All rates are annually compounded