A three$-$year receiver swaption with an exercise rate of $11\mathrm{.}75$ percent in which the underlying swap is a $$20$ million notional amount four$-$year swap. The underlying rate is LIBOR. At the expiration of the swaption, the LIBOR rates are $10$ percent $(360$ days$),10\mathrm{.}5$ percent $(720$ days$),10\mathrm{.}9$ percent $(1,080$ days$),$ and $11\mathrm{.}2$ percent $(1,440$ days$).$ Assume $360$ days in a year. Determine the payoff value of the swaption.