A semiannual pay interest rate swap where the fixed rate is 5.00% (with semiannual compounding) has a remaining life of nine months. The six-month floating rate observed three months ago was 4.85% with semiannual compounding. Todays three- and nine-month floating rates are 5.3% and 5.8% (continuously compounded), respectively. From this, it can be calculated that the forward floating rate for the period between three- and nine-months is 6.14% with semiannual compounding. If the swap has a principal value of $15,000,000, what is the value of the swap to the party receiving a fixed rate of interest? Assume OIS rates are the same as floating rates.

a. $74,250 b. $103,790 c. $70,933 d. $11,250