Suppose that a financial institution has agreed to pay 6-month LIBOR and receive 3.5% per annum (with semiannual compounding) on a notional principal of $200 million. The swap has a remaining life of 1.25 years. The LIBOR rates with continuous compounding for 3-month, 9-month, and 15- month maturities are 2.25%, 2.35%, and 2.5%, respectively. The 6-month LIBOR rate at the last payment date was 2% (with semiannual compounding). Compute the value of the swap in terms of FRAs.