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How much did xyz receive on december

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XYZ Corp. entered into a 1-year interest rate swap contract on December 12, 2019. According to the swap, the bank would receive a 4.10% fixed rate and pay LIBOR plus 1.30% on a notional amount of USD 10 million. Payments were to be made every 3 months. The table below displays the actual annual 3-month LIBOR rates over the 1-year period:

Date 3-month LIBORDecember 12, 20191.13%March 12, 20202.46%

June 12, 20200.79%September 12, 20200.56%December 12, 20200.42%

Assuming no default, how much did XYZ receive on December 12, 2020?

Reference no: EM132731477

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