Six months ago, an investor entered into a receive-fixed 4.5%, pay-equity index 3-year annual reset swap, where both legs have a notional value of $1,000,000. The current present value factors for the appropriate spot interest rate maturities are as follows:

Maturity (Years)	Present Value Factor
0.5	0.973236
1.5	0.911162
2.5	0.888889

If the value of the underlying equity index decreased from 100 to 98 over the recent 6-month period, the current value of the equity swap is closest to: