Suppose the current term structure of interest rates is \((.070, .073, .077\), \(.081, .084, .088)\). A plain vanilla interest rate swap will make payments at the end of each year equal to the floating short rate that was posted at the beginning of that year. A 6-year swap having a notional principal of \(\$ 10\) million is being configured.

(a) What is the value of the floating rate portion of the swap?

(b) What rate of interest for the fixed portion of the swap would make the two sides of the swap equal?