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A 5 - year swap is initiated with annual payments and notional principal of $ 1 0 0 m . The swap fixed rate =

A 5-year swap is initiated with annual payments and notional principal of $100m. The swap fixed rate =8%. Suppose that after one year, the market rate has fallen to 7%. What is the mark-to-market value (equivalently, the NPV) of the swap (in millions of dollars)?

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