A semiannual pay interest rate swap where the fixed rate is 5.00% (with semiannual compounding) has a remaining life of nine months.The sixmonth LIBOR rate observed three months ago was 4.85% with semiannual compounding. Todays three and nine month LIBOR rates are 5.3% and 5.8% (continuously compounded) respectively. From this it can be calculated that the forward LIBOR rate for the period between threeand ninemonths 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?