Siemens and Allianz have signed a $10-$year fixed$-$for$-$EURIBOR interest rate swap with a $50$ million notional amount. Siemens pays the floating rate and the fixed rate is $12\%.$ However, Allianz defaults on the tenth payment. At that time, EURIBOR was $11\%.$ If compounding and payments are semi$-$annual, what are the losses of Siemens if the six$-$month EURIBOR six months before the default was $8\%?$ All rates are annual and historically the yield curve is flat.