You have the following spot continuously compounded interest rates: Year Spot rate (continuously compounded) 1 2.00 2 2.10 3 2.20 4 2.30 5 2.40 What is the five-year par yield (expressed as an annual interest rate per cent)? If a firm has an interest rate swap with a coupon of 3.50 per cent paid annually, where they are receiving the fixed payment against the indexed, floating payment, what is this swap's value and is it an asset or a liability?