Firms A and B have a swap agreement for the next two years with payments to be made every six months. The terms are LIBOR for 5%. The notional principal is $100M. If LIBOR term structure drops to a flat 4.5% per annum, which of the following statements is correct?

a.	The swap buyer will owe its counterparty $250,000 each time
	b.	The value of the swap to the buyer will rise by $946,185
	c.	The buyer of the swap will face counterparty default risk
	d.	All of the above

i put c and got it wrong. b is also incorrect, so im in between a and d.