You are the treasurer of Hilton Hotels (hereafter referred to as Hilton). During the period of the interest rate swap, Hilton together with its subsidiaries, owned and operated 60 hotels; leased and operated or managed 203 hotels about 3,000 hotels owned by others. Hilton had issued $375 million fixed-rate senior notes that made semiannual payments based on an annual) 7.95% coupon. Subsequently, interest rates fell substantially and Hilton wanted to take advantage of the low interest rate environment and swap its fixed interest payments for floating-rate payments. Hilton can enter into a swap that will exactly match its remaining fixed coupon payments. Under the terms of the 5- year swap, the fixed rate payer will pay an annual rate of 7.95% on $375 million and the floating rate payer will pay the six-month LIBOR rate plus 415 basis points. (Recall, the difference between the payments is paid semiannually.) How you can convert your corporation's fixed-rate debt into a synthetic floating rate debt? What is the annual synthetic floating-rate that your corporation will pay