At the end of Year 3 of a 4-year standard interest rate swap, a counterparty: Uber Inc. receives an annual fixed rate of 3.8% and pays LIBOR. The swap contract stipulates semiannual payments, i.e. every 6 months.

Time. LIBOR. Risk-free rates with continuous compounding

6 months 3.5%. 3.0%

12 months 4.0%. 3.8%

Compute the value of the swap to Uber Inc. at the end of Year 3 of the swap contract