An equity security
a. represents stock ownership in another company and sometimes pays dividends
b. is a standardized contract between two parties to acquire various forms of investments
c. is a financial instrument that entitles the holder to receive periodic interest
d. represents a credit relationship with another company or governmental entity

A$100 million interest rate swap has a remaining life of 10 months. under the terms of the swap, the six-month libor is exchanged semi-annually for 12% per annum. the six-month libor rate in swaps of all maturities is currently 10% per annum with continuous compounding. the six-month libor rate was 9.6% per annum two months ago. what is the current value of the swap to the party paying floating? what is its value to the party paying fixed?