7. East Bank has purchased a 5 million one-year Swiss franc (Sf ) loan that pays 6...

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7. East Bank has purchased a 5 million one-year Swiss franc

(Sf ) loan that pays 6 percent interest annually. The spot rate of U.S. dollars for Swiss francs is 0.9691. It has funded this loan by accepting a Canadian dollar (C$)–denominated deposit for the equivalent amount and maturity at an annual rate of 4 percent. The current spot rate of U.S. dollars for Canadian dollars is 0.9622. ( LG 9-5 )

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