You want to enter a one-year interest rate swap contract with semiannual payments to receive a fixed rate and pay the floating rate (LIBOR). The notional principal is $80,000,000. 

LIBOR effective annual spot rates are 7.4% for half a year, and 7.6% for one year 

Part 1 Attempt 1/10 for 10 pts. What should be the semiannual fixed rate on the swap? 

Part 2 Attempt 1/10 for 10 pts. After 3 months. LIBOR effective annual spot rates are 7.6% for the next 3 months, and 8.1% for the next 9 months. What is the value of the swap to you (in $)?