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A pension fund wants to enter into a six$-$month equity swap with a notional amount of

$$60$ million. Payments will occur in $90$ and $180$ days. The swap will allow the fund to

receive the return on a stock index, currently at $2,000.$ The fund is considering two

different types of equity swaps$-$one of which would require it to pay a fixed rate;

another that would require it to pay a floating rate. The term structure initially is as

follows:

Assume it is $30$ days into the life of the swap and the new term structure is as given

below. The stock index is now at $2,100.$ Calculate the value of the fixed$-$rate equity

swap. Assume a $365-$day year.

The value of the fixed rate swap is is $+$$$848,550.$

The value of the fixed rate swap is is $-$$$1,031,227.$

The value of the fixed rate swap is is $+$$$3,095,786.$

The value of the fixed rate swap is is $+$$$2,925,373.$

The value of the fixed rate swap is is $-$$$1,088,815.$