Consider a one$-$year plain$-$vanilla interest rate swap with semi$-$annual payments. The buyer of a plain$-$vanilla

interest rate swap pays a fixed rate and receives a floating rate.

The term structure of interest rates for LIBOR are:

Days LIBOR

$180,3\mathrm{.}0\%$

$360,4\mathrm{.}0\%$

What is the annualized fixed swap rate of the interest rate swap today?

$3\mathrm{.}96\%$

$1\mathrm{.}98\%$

$3\mathrm{.}48\%$

$1\mathrm{.}74\%$