A currency swap has a remaining life of 2 years. It involves exchanging interest at 9% on GBP20 million for interest at 5% on USD30 million twice a year. The term structure of riskfree interest rates in the United Kingdom is flat at 7% and the term structure of riskfree rates in the United States is flat at 4% (not continuous compounding). The current exchange rate (dollars per pound sterling) is 1.6500USD/GBP. (a) What is the value of the swap to the party paying sterling (GBP) in USD? (b) What is the value of the swap to the party paying dollars (USD) in GBP?