Part A: (5 marks)

Company A entered into a semi-annual interest rate swap agreement a few months ago as the fixed rate payer, paying a 4.4% p.a. fixed swap rate and receiving floating rate equivalent to the 6-mth LIBOR. Currently, this agreement (which is termed as swap A in this question) will mature in 1.5 years. The following LIBOR rates (with continuous compounding) are currently available to you:

Maturity	LIBOR	Maturity	LIBOR
2	4.0% p.a.	14	4.5% p.a.
4	4.1% p.a.	16	4.5% p.a.
6	4.2% p.a.	18	4.6% p.a.
8	4.3% p.a.	20	4.7% p.a.
10	4.3% p,a.	22	4.8% p.a.
12	4.4% p.a.	24	4.9% p.a

Required: what is the current value of swap A to company A? Show all of your workings.