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A bank entered into a swap paying 4% fixed interest and receiving the rate on the S&P 500 using a notional amount of $1 million.
A bank entered into a swap paying 4% fixed interest and receiving the rate on the S&P 500 using a notional amount of $1 million. Settlement happens every 90 days and the swap expires in 180 days. Based off the information below, the bank's net cash flow on day 180 is ___________
1 S&P 500
0 2400
90 2500
180 2420
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