A major bank has entered into a 4-year, annual-pay, 6% plain-vanilla interest rate swap with a notional principal value of $10,000,000 as the fixed-rate payer. The following spot and forward rates are observed and expected:
·l-year LIBOR today = 5%.
·Expected l-year LIBOR in one year = 6%.
·Expected l-year LIBOR in two years = 7%.
Based solely on this information, the expected net payment in 24 months (for the fixed-rate payer) will be:

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