Mary wants to enter into an interest rate swap with annual payments where she pays the fixed swap rate and receives the floating rate in return. She wants to swap the rate on a notional amount of 500,000 in the first year, 300,000 in the second year, and 100,000 in the third year. The current spot rates are:

Term (in years) Spot Rate

1 4.2%

2 4.7%

3 5.1%

Find the appropriate swap rate for Marys swap.