A hedge fund has decided to take a position $($implement a trade$)$ to benefit from a rate increase $($i$.$e$.$ make money if rates go up$)$ through the swap market The $10-$year IRS swap is quoted $2,75\%-2,77\%($fixed against Euribor $1$ year$)$ i$.$Should he pay or receive the swap? ii$.$What is the fixed leg? iii.One year later, the $9-$year swap trades at $3,15\%.$ Knowing that the Euribor $1$ year was initially fixed at $3,5\%,$ calculate the P&L on the swap. iv$.$What is the breakeven swap rates $(9$y$)?($using iteration$)$