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A portfolio manager entered a swap with a dealer. The swap's notional principal is $1000, payments are to be made very quarter, and the swap

A portfolio manager entered a swap with a dealer. The swap's notional principal is $1000, payments are to be made very quarter, and the swap allows netting of payments. The dealer agrees to pay a fixed annual rate of 8%, while the asset manager agrees to pay the return on SP500 index. The SP500 index at the initiation is 269. If SP500 six months later becomes 278.

How much would be the payment from the dealer to the asset manager?

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