You enter into a receivers swap receiving 6.50% on 12 million notional annually for next 5 years.

Right after you enter into a swap the interest rates change. [the rates here are simple, not continuous verify it by checking how the discount factor was computed]

RATES ARE currently as follows:DID I MAKE MONEY OR LOSE MONEY AFTER THE SWAP

7 3 A 5.00% .9524 5.625% .8964 6.16% .8358 6.16% .7739 6.94 .7149 Year Zero rate Discount Factor Forward rates Par coupon 5.00% 6.25% 7.25% 8.00% 8.25% 5.00% 5.61% 6.12% . 6.54% 6.83% 6 7 3 A 5.00% .9524 5.625% .8964 6.16% .8358 6.16% .7739 6.94 .7149 Year Zero rate Discount Factor Forward rates Par coupon 5.00% 6.25% 7.25% 8.00% 8.25% 5.00% 5.61% 6.12% . 6.54% 6.83% 6