What is the theoretical value $($to the fixed rate payer$)$ of a $8$ year plain vanilla swap, where the

pay$-$fixed rate is $6\mathrm{.}5\%.$ Assume that the current yield to maturity on $8$ year bonds is $7\mathrm{.}5\%($BEY$).$

Assume swap payments are made semi$-$anually, and the floating side pays the $6$ month floating

rate. Assume a notional of $$1$ million.