A semi-annual pay interest rate swap where the fixed rate is 3.8% (with semi-annual compounding) has a remaining life of nine months.The six-month LIBOR rate observed three months ago was 3.5% with semi-annual compounding. Today's three and nine month LIBOR rates are 3.9% and 4.3% (with continuous compounding). The implied forward rate is 4.551% with semi-annual compounding. If the swap has a principal value of $6,000,000, what is the present value of the net cash flow (or payoff) at nine months point to the party receiving a floating rate of interest?

A. $21,774

B. $14,524

C. $21,815

D. $20,334