Under the terms of an interest rate swap, PDX Corp has agreed to receive 12% per annum and to pay six-month LIBOR in return on a notional principal of $190 million with payments being exchanged every six months. The swap has a remaining life of 14 months. The six-month LIBOR yield curve is downward sloping and rates for next payment dates are 14%, 16%, and 12% per annum with continuous compounding. The six-month LIBOR at the last payment date was 11.5% per annum.