Woland National Bank purchases a three-year interest rate cap for a fee of 2 percent of notional principal valued at $50 million, with an interest rate ceiling of 11 percent and LIBOR as the index representing the market interest rate.

At the same time, Woland sells a three-year floor (8 percent) for a fee of 1 percent of the $50 million principal.

Assume LIBOR is expected to be 4 percent, 13 percent, 17 percent at the end of each of the next three years, respectively. How much Woland received (or paid) using this strategy?