Consider a vanilla interest rate swap with 1.75 years remaining. The swap has semi- annual settlement periods, the fxed rate 9% and notional value is R100. On the last reset date the applicable interest rate for the next settlement date is 5.35%. The swap holder pays fixed and receives floating payments. Assume that the zero curve is at at 5% (that is interest rates are 5% for all maturities); Determine the cash flows and the value of the swap by treating the swap as a portfolio of FRAs.