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At beginning of year, CPI is at 100. Inflation swap buyer pays 3% for a 5 year swap with a notional amount of $1,000,000. At

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At beginning of year, CPI is at 100. Inflation swap buyer pays 3% for a 5 year swap with a notional amount of $1,000,000. At the end of 5 years, the CPI is 119.80. The buyer will receive a net payment of: (To get "net" payment, subtract amount seller received from the amount seller paid under the swap agreement. Round answer to nearest dollar.)

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