If the swap bank in Question 9 were offering three-year generic 5%/LIBOR par value swaps, how much would it pay or charge to buy a floating-rate payer’s position on an existing three-year, 6%/LIBOR swap with a notional principal of $50 million, if it planned to hedge the purchase with a position on its par value swaps? How much would it pay or charge for an existing fixed-payer’s position on a three-year, 6%/LIBOR with a notional principal of $50 million?

Exclude the basis points that the swap bank might add to its bid and ask prices.