Three months ago, Paul Stanforth entered into a one-year, $2 million notional interest rate swap as the fixed rate receiver (floating rate payer). The swap has quarterly payments (30/360 year) and the annualized fixed rate is 4.00%.

Today, three months into the swap and just after the first quarterly payment, Stanforth wishes to value his swap position. The current term structure of Libor is:

Term (Days)	USD Libor	PV Factor
90	3.75%	0.990712
180	3.90%	0.980873
270	4.10%	0.970167
360	4.20%	0.959693

The value of Stanforths swap position is closest to:

Group of answer choices

A) - $830.

B) - $175,000.

C) $830.

D) $175,000.