The equilibrium fixed rate for a 3-year fixed-for-floating interest rate swap with semiannual resets was 1.5% on the initiation date. At the first swap reset, the equilibrium fixed rate for the 2.5-year fixed-for-floating interest rate swap is 1.5% and the present value factors are as follows:

Maturity (Years)	Present Value Factor
0.5	0.995025
1.0	0.987167
1.5	0.977995
2.0	0.967118
2.5	0.954654

The value of the swap to the pay-fixed party is: