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A U.S. firm that wishes to convert its annual cash flows of €10 million each to US$ upon receipt. The exchange rate is currently 0.9€/$, and the swap rates in the U.S. and Europe are 5.4% and 5% respectively. Appropriately using a fixed-for-fixed currency swap that does not exchange principal, what would be the annual dollar cash flow to the firm? A. $12,000,000. B. $22,222,222. C. $11,111,111. |