All rates in this question are quoted with semi-annual compounding. 7 years, 5 months ago, you entered into a LIBOR swap with maturity 8 years, and fixed rate 5.40%. You agreed to pay fixed and receive floating on a notional principal of $1 million. The swap makes semi-annual payments. The swap now has 7 months to run. At the last reset date, the LIBOR curve was flat at 5.90%. The OIS curve is now flat at 5.50%, while the LIBOR curve is flat at 6.00%. What is the value of the swap to you?

can someone please resolve the question step by step? cheers.