A semi-annual pay interest rate swap where the fixed rate is 5.3% (with semi-annual compounding) has a remaining life of nine months. The six-month LIBOR rate observed three months ago was 4.2% with semi-annual compounding. Today's three and nine month LIBOR rates are 5.8% and 6.1% (continuously compounded) respectively. 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?

ANS= $6,178.49 just don't know how to get