Savers Bancorp entered into a 2-year interest rate swap on August 9, 2014, in which it received a 4.00% fixed rate and paid LIBOR plus 1.20% on a notional amount of USD 6.5 million. Payments were to be made every 6 months. The table below displays the actual annual 6-month LIBOR rates over the 2-year period: | Date | 6-month LIBOR | |--------------|---------------| | Aug 9, 2014 | 3.11% | | Feb 9, 2015 | 1.76% | | Aug 9, 2015 | 0.84% | | Feb 9, 2016 | 0.39% | | Aug 9, 2016 | 0.58% | Assuming no default, how much did Savers Bancorp receive on August 9, 2016? | Financial Risk Manager Part 1 Quiz