Pelican Asset Management holds a 3-year pay-fixed interest rate swap with a notional of $25 million and a fixed rate of 3.2%, with annual settlements. One year has passed and the current term structure gives discount factors of 0.9709 (1-year) and 0.9335 (2-year). The next floating payment is based on a rate of 3.6%. The value of the swap to Pelican (the fixed-rate payer) is closest to: