A $100 million interest rate SWAP has a remaining life of 12 months. Under the terms of the SWAP the 6-month LIBOR rate is exchanged for 4%/year compounded semi-annually (you pay the LIBOR rate and receive the fixed rate). The current six-month LIBOR rate is 4.5%/year with semi-annual compounding and the forward LIBOR rate between 6 months and 12 months is 4.75%/year with semi-annual compounding. What is the current value of the SWAP? Use a risk-free rate of 3%/year to discount both cash flows. Please explain your answer.