the fixed-rate payment for period t is equal to:   notionalamount´SR ´Dayst 360     The present value of the fixed-rate payment for period t is found by mul- tiplying the previous expression by the forward discount factor. If we let FDFtdenote the forward discount factor for period t, then the present value of the fixed-rate payment for period t is equal to:   notionalamount´SR ´Dayst´FDF 360     We can now sum up the present value of the fixed-rate payment for each period to get the present value of the floating-rate payments. Using the Greek symbol sigma, S, to denote summation and letting N be the number of periods in the swap, then the present value of the fixed-rate payments can be expressed as:   Dayst notionalamount´SR ´-------------- ´FDF 360 t = 1   This can also be expressed as