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Green America and Pacific Reset enter a three-year swap agreement with a notional amountof $8,000,000 and semi-annual settlement payments. Green America will pay Pacific Reset the floatingrate which is the six-month spot rate at the beginning of each settlement period. In exchange, GreenAmerica will pay the fixed rate. On the day that they enter the swap, the prices of zero-coupon bondswith face value $100 were as in the table below.

Length of Term in Years	0.5	1.0	1.5	2.0	2.5	3.0
Price per $100 Face Value	$98.50	$97.00	$96.32	$95.20	$93.08	$90.25

Find the following:

a)The effective swap rate per settlement period. (The fixed rate.)

b)The anticipated net swap payment at the end of the second year. Who pays who?