A French firm enters into a two-year interest rate swap in euros on April 1, 2005. The swap is based on a principal of 80 million, and the firm will receive 7% fixed and pay six-month Euribor. Swap payments are semiannual. The 7% fixed rate is quoted as an annual rate using the European method, so the implied semiannual coupon is 3.44% [since (1.0344)2 = 1.07]. Two years later, the swap is finally settled, and the following Euribor rates have been observed:

Apr. 1, 2005 Oct. 1, 2005 Apr. 1, 2006 Oct. 1, 2006 Apr. 1, 2007 5.5% 6.5% 7.5% 8% 6.5%

(a) What have the swap payments or receipts for the firm been on each swap payment date?