At initiation of a two payment swap (”ultra plain vanilla”), due in exactly 180 days for the first legs, and then exactly one year from today for the second and final legs, the value is equivalent to fixed receiver and floating receiver. Fixed rate is 3.0%, while future 6 month rate is 3.25%. Notional amounts are equivalent for both counterparties at $100,000. Spot at inception is 2.9%.
How much is the future floating rate for the second 6-month period?