Q.1542 Suppose a correlation swap buyer pays a fixed correlation rate of 0.28 with a notional value of $10 million for one year for a portfolio of three assets. The following are the realized pairwise correlations of the daily log returns at maturity for the three assets: $\rho_{2,1} = 0.7$, $\rho_{3,1} = 0.2$, $\rho_{3,2} = 0.03$. Assuming that for all pairs, $i > j$, the payoff for the correlation swap buyer is equal to: