A speculator enters into a 3-year interest rate swap as the payer. The swap has a level notional amount of 1,000,000 and is based on the spot rates in the follow ing table: Term (in years) 12 3 Spot Rate 0.030 0.040 0.047 If the 1-year spot rate at the end of the 2nd year of the swap is 5.2%, what net settle nent amount (to the nearest 100) will the speculator pay to the counterparty at the end of the 3rd year? A) 5,600 B) 5,480 C) -5,480 D) -5,600 E) A different amount