Please answer b- This is all the info provided

A year ago, a bank entered into a $68 million five-year interest rate swap. It agreed to pay company A each year a fixed rate of 5% and to receive in return SOFR. When the bank entered into this swap, SOFR was 5%, but now interest rates have risen, so on a four-year interest rate swap the bank could expect to pay 5.5% and receive SOFR.

a. Is the swap showing a profit or loss to the bank?

b. Suppose that at this point company A approaches the bank and asks to terminate the swap. If there are four annual payments still remaining, how much should the bank charge A to terminate?

A year ago, a bank entered into a $68 million five-year interest rate swap. It agreed to pay company A each year a fixed rate of 5% an to receive in return SOFR. When the bank entered into this swap, SOFR was 5%, but now interest rates have risen, so on a four-year interest rate swap the bank could expect to pay 5.5% and receive SOFR. a. Is the swap showing a profit or loss to the bank? b. Suppose that at this point company A approaches the bank and asks to terminate the swap. If there are four annual payments still remaining, how much should the bank charge A to terminate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Suppose that at this point company A approaches the bank and asks to terminate the swap. If there are four annual payments still remaining, how much should the bank charge A to terminate? Note: Enter your answer in dollars not in millions. Do not round intermediate calculations. Round your answer to 2 decimal places