=+9" a Black plc has a £50m ten-year floating-rate loan from Bank A at Libor + 150 basis points. The treasurer is worried that interest rates will rise to a level that will put the firm in a dangerous position. White plc is willing to swap its fixed-

interest commitment for the next ten years. White currently pays 9 per cent to Bank B. Libor is currently 8 per cent. Show the interest-rate payment flows in a diagram under a swap arrangement in which each firm pays the other's interest payments.