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A U.S. firm that wishes to convert its annual cash flows of €20 million each to dollars upon receipt. The exchange rate is currently €0.9/USD, and the swap rates in the U.S. and Europe are both 6.1 percent. 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. $22,222,222. B. $32,786,885. C. $10,980,000. |