Time to Maturity Spot Rate 1 Year 1% 2 Years 2% 3 Years 3% 4 Years 4% 5 Years 5% Question 10 2 pts Josh and Phillip enter into a three-year swap with a notional amount of 200,000. The swap has annual settlement periods. Under the swap, Josh will pay Phillip the fixed swap rate at the end of each year while Phillip will pay Josh the variable rate where the variable rate is the one year spot rate at the beginning of each year. Based on the given spot rate table, calculate the swap rate