The following spot rates are observed in the market t (years) (%) 1 6.50 2 6.68 3 6.84 4 6.95 5 7.12 6 7.50 ABC Ltd. borrows $100 millions at floating interest rates for 10 years. Level interest- only repayments are made annually at the end of the year. To reduce their interest rate risk ABC Ltd. wants to enters a interest rate swap as a fixed-rate payer. a) Calculate the swap rate based on the current information.