Today is January 1. You are long a quarterly swap with a notional amount of $100 million that will mature in six months (i.e. on June 30). The reference rate is 3-month LIBOR. Today's 3-month LIBOR is 3.0%, and 3-month Eurodollar futures maturing on June 30 and September 30 are quoted as 96.6 and 96.2. The swap rate is 3.5%. What is the value of this swap to you?

Question 7 options:

	$74,822
	-$74,822
	$148,945
	-$148,945