Companies A and B have been offered the following rates. Company A requires a floating$-$rate loan. Company B requires a fixed rate loan. Design a swap that will appear equally attractive to both parties $($split any gains from the swap right down the middle$).$

Fixed Rate Floating Rate

Company A $4\mathrm{.}5\%$ LIBOR $+0\mathrm{.}3\%$

Company B $6\mathrm{.}6\%$ LIBOR $+0\mathrm{.}9\%$

swap picture.png

A diagram of the swap is shown above. What is the value of X $($the fixed payment that company B makes to Company A$)$ in the swap you designed?

$($Enter $11\mathrm{.}51\%$ as $0\mathrm{.}1151.$ Required precision: $0\mathrm{.}0001+/-0\mathrm{.}0001)$