5. Compute the initial value of a forward-starting swap that begins at t=1, with maturity t = 10 and a fixed rate of 4.5%. (The first payment then takes place at t = 2 and the final payment takes place at t= 11 as we are assuming, as usual, that payments take place in arrears.) You should assume a swap notional of 1 million and assume that you receive floating and pay fixed.)

Submission Guideline: Give your answer rounded to the nearest integer. For example, if you compute the answer to be -220,432.23, submit -220432.