A semi-annual pay interest rate swap where the fixed rate is 5.00% (with semi-annual compounding) has a remaining life of nine months. The six-month LIBOR rate observed three months ago was 4.85% with semi-annual compounding. Today's three and nine-month LIBOR rates are 5.3% and 5.8% (continuously compounded) respectively. According to this, it can be calculated that the forward LIBOR rate for the period between three- and nine-months is 6.14% with semi-annual 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? Select one: a. $74,250 b. -$70,760 c. -$11,250 d. $103,790 e. None of the choices