Question 7 (1 point) Consider a plain vanilla interest-rate swap with an effective date of January 1 of year 1, notional amount of $100 million and quarterly payments. The reference rate is 3- month LIBOR. On January 1, the 3-month LIBOR is 3%, and 3-month Eurodollar futures maturing on June 30 and September 30 of year 1 are quoted as 96.5 and 96.2. Find the present value of the floating payment in the third quarter. $910,486 $921.870 $933,709 $946,240