Consider a currency swap where interest on British pounds at the rate of 3% is paid and interest on euros at 2% is received. The British pound principal is 1.0 million pounds and the euro principal is 1.1 million euros. The most recent exchange has just occurred and the interest is exchanged every six months. There are two years are remaining in the life of the swap. The current exchange rate is 1.15 (1.15 euro per pound). Suppose that the forward exchange rates (euro per pound) for year 0.5, 1, 1.5 and 2 are 1.1443, 1.1387, 1.1330 and 1.1275 respectively. The risk-free rates in pounds are 2.5%. All rates are compounded semi-annually. What is the value of the swap (Pounds Paid) in pounds?