Two MNCs have mirror$-$image financing needs for their foreign direct investments: they need to borrow money for $8$ years. The amount of borrowing is $$2,900,000$ or the $lon$ equivalent arnount at the current spot rate of $$\frac{1\mathrm{.}3272}{}.$ Both MNCs$,$ despite of the same credit worthiness, are not well known in the international bond market, and thus pay higher interest rate for the foreign currency borrowing. The U$.$S$.$ MNC pays $7\%$ per annum to borrow euro, whereas the normal borrowing rate for firms of equivalent risk is $6\%$ per annum. The EU MNC pays $9\%$ per annum for dollar borrowing, whereas the normal dollar borrowing cost is $8\%$ per annum for firms of equivalent risk. The $8-$year swaps quotes are: USD: $8\%-8\mathrm{.}1\%$ and EUR: $6\%-6\mathrm{.}1\%.$

Answer question $(3)$ based on the following information

Assume one year after the initiation of the currency swap the dollar interest rate has fallen to $6-6\mathrm{.}15\%$ per annum, the euro interest rate has fallen to $555\mathrm{.}75\%$ per annum, and exchange rate changed to $$\frac{1\mathrm{.}3343}{}.$

$(3)$ Calculate the market value of the swap used by the U$.$S$.$ MNC$.$

US MNC: Receivables

$\backslash$table$[[$Future Value:,$$2,900,000$