6. Two parties enter into a 2-year fixed-for-floating interest rate swap with semiannual payment. The floating rate payments are based on LIBOR as follows. Find swap fixed rate.

Maturity (days)	Annualized rate	Discount factor, Z
180	0.05	0.9756
360	0.06	0.9434
540	0.065	0.9112
720	0.07	0.8772

After 180 days, the LIBOR rates and discount factors are as follows:

Maturity (days)	Annualized rate	Z
180	0.045	0.9780
360	0.050	0.9524
540	0.060	0.9174

What is the market value of the swap to the fixed rate payer if the notional principal is $1 million?