A company enters into a 2-year pay-fixed USD, receive-fixed EUR currency swap with semiannual resets. The spot interest rates and present value factors at initiation of the swap are as follows:

Maturity (Years)	EUR Spot Rate	Present Value Factor (EUR)	USD Spot Rate	Present Value Factor (USD)
0.5	1.50%	0.992556	2.30%	0.988631
1.0	1.80%	0.982318	2.90%	0.971817
1.5	2.20%	0.968054	3.50%	0.950997
2.0	2.50%	0.952381	4.00%	0.925926

The respective EUR and USD periodic fixed swap rates are closest to: