Your company just received their last payoff from a long position in a cap at a rate of 3%, quarterly settlements, a maturity of 10 year, and a notional value of $10,000,000. The base rate was the Libor rate. Your supervisor is questioning whether the last four payments from the cap were accurate or not. Based on the last four Libor rates, calculate the payments from the long cap position.

Period	Rate	Payoff
4	2.85%
3	3.05%
2	3.15%
1	3.75%