2. Everlasting bank enters into a quarterly-pay plain vanilla swap as the floating-rate payer to pay 90-day JIBAR + 1% on the notional principal of R10m. In return, Everlasting bank will receive 9% from the swap counterparty on R10m notional principal. The swap agreement matures in 1 year. Use the 90-day JIBAR forecasted to compute the expected receipts/payments for Everlasting bank over the duration of the swap agreement:

Current: 7.00%

In 90 days: 7.50%

In 180 days: 8.00%

In 270 days: 8.50%