Suppose we are pricing a four - year a - Libor-based interest rate swap with annual resets (30/360 day count). The estimated present value factors, are given in the below table: * The fixed rate of the swap is Maturity (years) 1 2. 3 4 Present Value factors 0.9901 0.97787 0.9654 0.9385 1.6%. O 1.4%. O 1.5%. O