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13 5 points A corporation enters into a five-year Interest rate swap with a swap bank in which it agrees to pay the swap

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13 5 points A corporation enters into a five-year Interest rate swap with a swap bank in which it agrees to pay the swap bank a fixed rate of 10.55 percent annually on a notional amount of 15,000,000 and receive six-month CME Term SOFR + 0.5 percent. As of the second reset date, determine the price of the swap from the corporation's viewpoint assuming that the fixed rate side of the swap has increased to 11.05 percent. Answer is complete but not entirely correct. Swap price 8,471,477

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