15:07 The table below presents the costs of borrowing for ExxonMobil and Microsoft in Pounds and Swiss Francss, and the quotes for interest swaps in Pounds and SwissFrancss, both quoted against LIBOR. ExxonMobil would like to get a SFr 30,000,000.00 fixed rate loan. Microsoft would like to get a 17,500,000.00 fixed rate loan. How much can Microsoft save each year if they enter a currency swap agreement? Borrowing Cost in Swiss Pounds Francs ExxonMobil 11.00% SFr 8.25% Microsoft 12.15% SFr 7.00% Swap Bank Quote GBP SFR Bid Ask Bid Ask Borrowing cost in 11.00% SFr 11.10% SFr 7.00% 8.0296 183,750 None of the alternatives E201,250 OSFr 375.000 OSFr 69.000