I have been trying to resolve this problem for some time but I cannot get the correct answer. The problem is the following one.
Compute the initial value of a forward-starting swap that begins at $t=1$, with maturity $T=10$ and a fixed rate of 4.5%. (The first payment then takes place at $t=2$ and the final payment takes place at $t=11$ as we are assuming, as usual, that payments take place in arrears.) You should assume a swap notional of 1 million and assume that you receive floating and pay fixed.)
We also know that
Using forward equations from $t=1$ to $t=9$, I cannot resolve the problem:
Here is what I have done in Excel with a final result of -31076 but it is not the correct answer: