A credit default swap requires a semi-annual payment at the rate of 50 basis points per year. The principal is 100 million, and the credit default swap is settled in cash. A default occurs after 2 years and 3 months, and the price of the bond in question is 50% of its face value shortly after the default. What is the net position (in euro) of the credit default swap buyer equal to? a. 48,875,000 O b. 50,875,000 c. 47,875,000 O d. 45,875,000 Oe. 49,875,000 f. 46,875,000