Suppose that at the present time, one can enter $5-$year swaps that exchange LIBOR for $6\%.$ An off$-$market swap would then be defined

as a swap of LIBOR for a fixed rate other than $6\%.$ For example, a firm with $12\%$ coupon debt outstanding might like to convert to

synthetic floating$-$rate debt by entering a swap in which it pays LIBOR and receives a fixed rate of $12\%.$ What up$-$front payment will be

required to induce a counterparty to take the other side of this swap? Assume notional principal is $$70$ million. $($Do not round

intermediate calculations. Round your final answer to the nearest dollar amount.$)$

Up$-$front payment