A 2-year swap is arranged with a notional value of $10 million and six-month payments and resets. The swap rate is 5%, and the floating leg is tied to the six-month LIBOR even, which for each interval the rate actually turns out to be 4%, 4%, 4%, and 5%. Which of the following statements in not true?

the fixed rate payer will be responsible for 4 gross cash outflows of $250,000 each every six months.

the floating rate payer will be responsible for 4 gross cash outflows of $200,000, $200,000, $200,000, and $250,000.

the actual net cash flows paid will be from the fixed-rate payer to the floating-rate payer of $50,000, $50,000, $50,000, and $0 (i.e. no payments in the last period).

the swap value at origination was zero.

the floating rate payer lost money on this derivative.