In an interest rate swap, a swap dealer receives 8% per year and pays six-month LIBOR in return on a notional principal of $100 million with payments being exchanged every six months. The swap has a remaining life of 16 months. The average fixed rates currently being swapped for six-month LIBOR is 10% per annum for all maturities. The six-month LIBOR rate two months ago was 9.5% per year. All rates are compounded semiannually. The last swap occurred two months ago. Find the value of the swap.