On January $1,20$X$1,$ ABC Corp. issued $10-$year, $$1,000,000$ bonds at par. The bonds make payments annually on December $31$ at a stated fixed rate of interest of $9\mathrm{.}0\%.$

On January $1,20$X$1,$ ABC Corp. also entered into an interest rate swap. In this arrangement, ABC Corp. paid variable interest rates to a swap bank and in exchange, the swap bank paid fixed interest to ABC.

Interest rates during the first year of the interest rate swap were the following:

$\backslash$table$[[$Date$,$Fixed rate,Market rate$],[$January $1,20x1,9\mathrm{.}0\%,9\mathrm{.}0\%$