Suppose att=0

t=0two parties agreed to enter in a (spot starting) swap contract where annual fixed payments of 5% are swapped against semi-annual 6-month LIBOR payments over the next 5 years on a notionalN = 100

N=100. Three years later att=3

t=3we observe in the market that a spot starting swap maturing in 1 year and a spot starting swap maturing in 2 years both have a swap rate of 6% (again with annual fixed leg and semi-annual floating leg). What is the value att= 3

t=3of the swap contract initiated att= 0

t=0from the perspective of the party paying floating?

Round your answer to 2 decimal places.