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8. A 6-month swaption on oil has a strike price of $15. With 3 months remaining, the fixed price on the swap is $16. If

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8. A 6-month swaption on oil has a strike price of $15. With 3 months remaining, the fixed price on the swap is $16. If you exercise the swaption and enter into a new swap, what is the net cash flow at settlement? A) B) C) D) $15 paid $16 received $1 paid $1 received

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