1. A plain vanilla interest rate swap is written on a notional principal of 100m. The swap pays 3.6% per annum in return for the 3-month LIBOR. Payments are made every 6 months and the swap has 10 months remaining to maturity. The 3-month LIBOR 2 months ago was 3.2% per annum. The swap rate for all maturities is currently 3.8% with continuous compounding. What is the value, in Euros, of the swap to the party paying floating?

1. -119,195.16
2. 1,941,376
3. 82,477.03
4. 83,001.04
5. -82,477.00