XYZ Corp. entered into a 1-year interest rate swap contract on December 12, 2019. According to the swap, the bank would receive a 4.10% fixed rate and pay LIBOR plus 1.30% on a notional amount of USD 10 million. Payments were to be made every 3 months. The table below displays the actual annual 3-month LIBOR rates over the 1-year period:

Date3-month LIBORDecember 12, 20191.13%March 12, 20202.46%

June 12, 20200.79%September 12, 20200.56%December 12, 20200.42%

Assuming no default, how much did XYZ receive on December 12, 2020?

Select one:

a.$224,000

b.$119,000

c.$56,000

d.$59,500