Answer the below questions.

(a) Assume that the swap rate for an interest-rate swap is 7% and that the fixed-rate swap payments are made quarterly on an actual / 360 basis. If the notional amount of a two-year swap is $20 million, what is the fixed-rate payment at the end of each quarter assuming the following number of days in each quarter?

Period Quarter	Days in Quarter
1	92
2	92
3	90
4	91
5	92
6	92
7	90
8	91

(b) Assume that the swap in part (a) requires payments semiannually rather than quarterly. What is the semiannual fixed-rate payment?

(c) Suppose that the notional amount for the two-year swap is not the same in both years. Suppose instead that in year 1 the notional amount is $20 million, but in year 2 the notional amount is $12 million. What is the fixed-rate payment every six months?