A companys investments earn LIBOR minus 0.5%.

Table 1 Swap quotes made by market maker (percent per annum)

Maturity (years)	Bid	Offer	Swap rate
2	2.55	2.58	2.565
3	2.97	3.00	2.985
4	3.15	3.19	3.170
5	3.26	3.30	3.280
7	3.40	3.44	3.420
10	3.48	3.52	3.500

(Round your answer to two decimal places)

1. The company can use the quoted rates to convert its investments to a five-year fixed rate investment by entering into a five-year swap where it receives _____ (answer) and pay LIBOR
2. The company will therefore earn a rate of _____ ( answer) for five years.