4. In an interest rate swap, a financial institution has agreed to receive 2.8% per annum and to pay the three-month LIBOR in return on a notional principal of $50 million, with payments being exchanged every three months. The swap has a remaining life of 13 months. The three-month LIBOR rate two months ago was 2.5% per annum. The three-month forward LIBOR rates starting in 1, 4, 7, 10 and 13 months are currently 2.8%, 3.0%, 3.1%, 3.2% and 3.3% per annum, respectively. OIS rates for all maturities are currently 2.7% with continuous compounding. All other rates are compounded quarterly. (a) What is the value of the swap? (b) Find the 13-month swap rate.